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<p>Since the University of Idaho, located in Moscow, Idaho, just
held another graduation commencement ceremony last Saturday, it is
not an inappropriate time to examine the collective student
financial bill for the educational experiences just completed. <br>
</p>
<p><b>States With the Most Student Debt</b></p>
<p><b><a class="moz-txt-link-freetext" href="http://tinyurl.com/hqvecq5">http://tinyurl.com/hqvecq5</a> <br>
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<p>Today’s graduating class will carry more debt than any other
class in history. The average student loan debt at graduation
rose from $18,550 in 2004 to $28,950 in 2014, a 56% increase,
according to The Institute for College Access and Success. At
the same time, the cost of tuition of a public four-year program
at an in-state school rose 40% between 2005 to 2015 — less than
the increase in loan debt.</p>
<p>According to the 10th annual “Student Debt and the Class of
2014,” published by The Institute for College Access and
Success, the increase in student loan debts has varied
considerably between states. Delaware’s average student loan
debt increased by 129% in just 10 years, moving from seventh
lowest in the nation in 2004 to the highest in 2014. 24/7 Wall
St. reviewed all states to determine which had the highest
amount of average student loan debt in 2014. Delaware had the
highest average student loan debt at $33,808, while Utah had the
lowest at $18,921.</p>
<p>While the national average student loan debt at graduation
$28,950, the cost over the full term of the loan is much higher.
Current federal loan interest rates range from 4.29% to 6.84%.
At 5.0%, the $28,950 debt has a final cost, not including any
fees, of $36,847 over a 10-year term — increasing the full cost
by 27%.</p>
<p><strong><span style="color:#008000;"><a
href="http://247wallst.com/special-report/2016/05/17/states-with-the-most-student-debt-3/2/"
style="color:#008000;">Click here to see the states with
the most student debt.</a></span></strong></p>
<p>States with higher median household incomes tend to also have a
higher average student loan debt. Of the 10 states with the
highest average student loan debts, seven have median household
incomes above the national average. Still, some states with
similar student loan debts can have significantly different
income levels, which can dramatically change how big the
relative debt burden is.</p>
<p>Massachusetts and Alabama have nearly identical average student
loan debts, at $29,391 and $29,425, respectively. However, the
typical household in Massachusetts with a 25-44 year old head of
household is $77,266 — $30,724 greater than the typical
household in Alabama. So while the student loan debt is equal to
63% of the median yearly household income for in Alabama, it is
only equal to 38% in of the income Massachusetts.</p>
<p>Using data from the report, “Student Debt and the Class of
2014” published by The Institute for College Access and Success,
24/7 Wall St. reviewed average student loan debt for new 2014
graduates in every state. TICAS also provided data on the
average student loan debt in 2004. We also reviewed data on
educational attainment and median household incomes from the
U.S. Census Bureau. Median household income in all instances
reflects households in which the head of household is a 25-44
years old. Interest rates Federal student loan interest rates
are from Federal Student Aid, an Office of the U.S. Department
of Education. North Dakota was excluded because there was not
sufficient data available.</p>
<p>These are the states with the most and least student debt.</p>
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<p><b><a class="moz-txt-link-freetext" href="http://tinyurl.com/hqvecq5">http://tinyurl.com/hqvecq5</a></b></p>
<p><strong>30. Idaho<br>
> Avg. student loan debt:</strong> $26,091<br>
<strong>> Median household income 25-44 yr. old:</strong>
$51,693 (13th lowest)<br>
<strong>> Student loan debt as pct. household income:</strong>
50.5% (18th highest)<br>
<strong>> College attainment rate:</strong> 25.0% (10th lowest)</p>
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<p>Ken</p>
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