Michigan Among Top 10 States With The Highest College Debt

A large numbers of American college seniors are gathering not just their graduation degrees but also student loans of thousands of dollars.

A recent study from The Institute for College Access and Success (TICAS) shows that 71% of the class of 2012 graduated with student loan debt increased from 68% in 2008.

In the sense of debt levels, not all states are equal. Some have low rate of debt while others have high debt level.

The average debt in Michigan is $28,840 and the percentage of students with debt upon graduation is 62%.

The debt level is high sixty eight percent in 2012 than in 2008.

Three-quarters of graduating seniors at Lawrence Technological University completed the school with student loans, at an average debt of $41,529 per student in Michigan which is almost $4,600 more than the reported debt load for students at Ferris State University.

The average debt load per student is also different which depends on the school they attended, almost $39,950 for students at for-profit schools and $25,500 for graduates of public institutions. Non-profit college debt was almost at an average of $32,300 per student.

The United States is also divided geographically according to the student debt.

The states with the lowest student debt like New Mexico and California are in the west and the sates with high rate of student loan are 5 East Coast states in which New Hampshire, Rhode Island, Maine, Delaware and New Jersey are included.

The report of TICAS is based on the data licensed from the Peterson’s educational publishing company which obtains information provided by the schools.

According to TICAS, federal surveys collect data on student debt after every 4 years and noted that colleges and universities are not required to report student debt figures.

News Source: www.CSMonitor.com

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