Average student loan debt in Louisiana: $26,808

Louisianans have the 32nd highest student loan debt in the U.S. according to a study by 24/7 Wall St., which examines average student loan debt for college graduates in all 50 states.

It states:

Student loan debt is a growing crisis in the United States, hitting an all time high of $1.5 trillion in 2019 and overtaking auto loans and credit card debt in the last decade. Today, more than 44 million Americans, or one in five adults, are saddled with student loan debt.

Though there are millions of Americans well into their 60s still paying off student loans, the problem is most pronounced among recent graduates. Some 58% of graduates from the class of 2017 are carrying debt, with debt averaging a staggering $28,288.

The average borrower in Louisiana has a debt of $26,808, based on data from LendEDU, a financial product information website, which notes that student debt is not uniform nationwide.

“In some states, recent graduates have nearly double the debt of recent graduates in other states,” LendEDU says.

Roughly 23.8 percent of Louisiana residents hold bachelor’s degrees.

College loan liabilities have led to more than 25 percent of borrowers to postpone marriage or start a family, LendEDU states, with more than 50 percent of those in student debt delaying purchasing a home or saving for their golden years.

Southern states struggle the most with credit card debt, 24/7 Wall St. reports, while the majority of student loan debt tends to be concentrated in the Northeast.

States with the Highest Student Loan Debt

Rank State Avg. Debt per Borrower Graduates With Debt Adults With Bachelor’s Degrees Median Household Income
1 Pennsylvania $36,193 67% 31.4% $59,195
2 Rhode Island $35,371 64% 33.5% $63,870
3 Delaware $34,144 62% 31.5% $62,852
4 New Hampshire $33,462 74% 36.9% $73,381
5 Alabama $31,861 50% 25.5% $48,123
6 Connecticut $31,643 58% 38.7% $74,168
7 New York $31,506 64% 36% $64,894
8 South Dakota $31,332 73% 28.1% $56,521
9 Massachusetts $31,319 59% 43.4% $77,385
10 Minnesota $31,231 68% 36.1% $68,388
11 Michigan $30,978 58% 29.1% $54,909
12 New Jersey $30,794 62% 39.7% $80,088
13 Maine $30,321 59% 32.1% $56,277
14 South Carolina $30,310 58% 28% $50,570
15 Mississippi $30,268 50% 21.9% $43,529
16 Ohio $29,723 64% 28% $54,021
17 Vermont $29,656 60% 38.3% $57,513
18 Wisconsin $29,569 65% 30.4% $59,305
19 Iowa $29,411 62% 28.9% $58,570
20 Indiana $29,405 58% 26.8% $54,181
21 Virginia $29,316 56% 38.7% $71,535
22 Maryland $28,844 56% 39.7% $80,776
23 Illinois $28,424 61% 34.4% $62,992
24 Montana $28,389 59% 32.3% $53,386
25 Georgia $28,376 57% 30.9% $56,183
26 Kentucky $28,078 60% 24% $48,375
27 West Virginia $27,608 70% 20.2% $43,469
28 Kansas $27,604 58% 33.7% $56,422
29 Oregon $27,550 57% 33.7% $60,212
30 Texas $27,001 55% 29.6% $59,206
31 Missouri $26,834 59% 29.1% $53,578
32 Louisiana $26,808 48% 23.8% $46,145
33 Colorado $26,662 52% 41.2% $69,117
34 Idaho $26,604 61% 26.8% $52,225
35 Arkansas $26,561 55% 23.4% $45,869
36 Oklahoma $26,270 48% 25.5% $50,051
37 North Carolina $26,164 58% 31.3% $52,752
38 North Dakota $26,080 66% 30.7% $61,843
39 Nebraska $25,501 55% 31.7% $59,970
40 Alaska $25,349 46% 28.8% $73,181
41 Tennessee $25,054 56% 27.3% $51,340
42 Hawaii $24,955 49% 32.9% $77,765
43 Arizona $23,913 54% 29.4% $56,581
44 Florida $23,556 50% 29.7% $52,594
45 Washington $23,359 52% 35.5% $70,979
46 Wyoming $22,524 47% 27.6% $60,434
47 California $22,383 50% 33.6% $71,805
48 Nevada $22,026 49% 24.9% $58,003
49 New Mexico $21,805 53% 27.1% $46,744
50 Utah $18,425 39% 34.6% $68,358

Source: 24/7 Wall St. and LendEDU.com

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