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The Project on Student Debt, an initiative sponsored from the Institute for College Access & Success (ICAS), has released its fifth annual report on the extent of student loan debt in the United States. The report examines student loan debt nationwide and so on a state-by-state basis.
According to the newest findings, students who graduated from college during 2009 left school with the average of approximately $24,000 in school loans. This figure represents a growth of approximately 6 percent in the quantity of education loans taken out through the class of 2008 which is in line with annual increases in student loan debt levels since The Project on Student Debt first issued this report.
The goal of ICAS and The Project on Student Debt is to take more transparency towards the true price of a college education and also to make advanced schooling less costly.
More Student Loans Taken Out inside the Northeast
The annual study examines student loan debt state-by-state and identifies both public and private nonprofit degree institutions whose students amass a significant volume of debt from college loans while enrolled.
The highest average student loan debt loads were found in Washington, D.C., where graduates should expect to go out of school about $30,000 in student education loans. The lowest student loan debt levels were noticed in Utah, the location where the average graduate in the course of 2009 left college owing slightly under $13,000 in student loans.
Most with the states with good student loan debt levels were concentrated inside the Northeast, where, in accordance with ICAS, tuition at public colleges and universities and also the overall tariff of living tend to be higher. In addition, more students attend private four-year colleges inside the Northeast than elsewhere within the country. Private universities and colleges are often several thousand dollars more costly than public schools.
After Washington, D.C., the states with all the highest average levels of student loan debt are New Hampshire, Maine, Iowa, Vermont, Minnesota, Pennsylvania, Rhode Island, Alaska, and Ohio.
The states with all the lowest average student loan debt loads, following Utah, are Georgia, Nevada, Wyoming, Delaware, California, Arizona, Kentucky, Louisiana, and Washington.
ICAS notes more students in Western states attend public universities and colleges, which are often less pricey than private institutions. Moreover, tuition at Western public universities is normally below the national average.
'High-Debt' Schools Saddle Students With College Loans
This year's report is founded on data collected from about 55 percent of the nation's four-year public and private nonprofit institutions that issued bachelor's degrees inside the 2008'09 school year. The data don't include student loan information from for-profit universities and colleges. Only seven of the nation's 438 for-profit schools reported student loan data during 2009, which means this information was excluded from the report.
Of greater than 1,000 colleges and universities that participated within the study, 72 reported that at least 90 percent of their graduates during 2009 left school with outstanding college loans.
In its analysis, The Project on Student Debt provided yet another level of detail when listing those public and private universities that reported a high amount of student loan debt among their graduates compared to other similar institutions. Because private and public colleges have such disparate tuition rates, The Project on Student Debt classified institutions as 'high-debt' according to their public or private status.
Pennsylvania had the best quantity of public colleges classified as high-student-loan-debt schools. Massachusetts had the highest number of private, nonprofit high-debt schools.
For comparison, the report also provided a listing of 'low-debt' universities, those private and public institutions whose graduates left using the lowest average debt loads from student education loans.
New Mexico, Texas, Oklahoma, and New York each had two public institutions designated as low-student-loan-debt colleges or universities. New Jersey and Tennessee each had two private colleges classified as low-debt.
Read the entire report from The Project on Student Debt: 'Student Loan Debt as well as the Class of 2009'
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