Just under two years ago, we presented a full breakdown of the student loan bubble, broken down by state, in which among other things, we found that Washington D.C. stuck out like a sore thumb as the "students" residing in it had on average just under $40,000 in student loans.
Yesterday, as part of Obama's most reent push to change the bankruptcy law [8] and promote legislation that facilitates the reduction or outright forgiveness of student debt, the White House provided a full state-by-state [9]breakdown of where the 43.2 million borrowers on the hook for some $1.135 trillion in student loans.
But before we present the results, it will likely come as no surprise to anyone that once again, it is the students in the nation's capital, the District of Columbia, where the debt burden is once again heaviest: As Bloomberg recaps, "at an average of $40,855 per borrower, the student loans of debtors in the nation's capital are 140 percent higher than the national average of $28,400, and they exceed by more than $10,000 what borrowers owe in Georgia, the state with the second-highest student debt level."
Here is state breakdown, ranked by highest to lowest average per student debt. One wonders how much clearer the unprecedented student debt fraud taking place in D.C. has to be before someone actually investigates.
[10]
Some more details on the 10 most troubled states, courtesy of Bloomberg [11]:
Washington, D.C.
- Average student debt load per person: $40,855
- Number of borrowers: 140,000
- Student loan default rate: 11.4 percent
- Median household income: $61,365
Georgia
- Average student debt load per person: $30,443
- Number of borrowers: 1,454,000
- Student loan default rate: 14.5 percent
- Median household income: $47,958
Maryland
- Average student debt load per person: $30,064
- Number of borrowers: 829,000
- Student loan default rate: 11.2 percent
- Median household income: $69,826
Virginia
- Average student debt load per person: $28,467
- Number of borrowers: 1,058,000
- Student loan default rate: 10.0 percent
- Median household income: $66,015
South Carolina
- Average student debt load per person: $28,271
- Number of borrowers: 649,000
- Student loan default rate: 13.7 percent
- Median household income: $43,437
Florida
- Average student debt load per person: $27,907
- Number of borrowers: 2,457,000
- Student loan default rate: 15.4 percent
- Median household income: $47,114
Vermont
- Average student debt load per person: $27,637
- Number of borrowers: 96,000
- Student loan default rate: 8.6 percent
- Median household income: $54,982
Alabama
- Average student debt load per person: $27,591
- Number of borrowers: 591,000
- Student loan default rate: 14.2 percent
- Median household income: $43,196
Colorado
- Average student debt load per person: $27,562
- Number of borrowers: 793,000
- Student loan default rate: 15.3 percent
- Median household income: $60,727
New York
- Average student debt load per person: $27,478
- Number of borrowers: 2,821,000
- Student loan default rate: 10.1 percent
- Median household income: $51,554
That's the breakdown by most debt per student. Additionally, below we show another perhaps just as interesting series, one showing the total number of student borrowers by state. As the chart below shows, we wish student debt collectors the best of luck in the states of California, Texas, New York, Florida, and Pennsylvania.
[12]
Source: White House [13] [13]
