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article imageAverage U.S. student debt rises to $28,565 per person

By Tim Sandle     Aug 17, 2019 in Business
LendEDU has published its fourth annual 'Student Loan Debt by School by State Report' that lists the average student debt per borrower figures at nearly 1,000 U.S. colleges and universities throughout the country. This shows a rise in debt rates.
The new LendEDU report, and the fourth issued to date, identifies some key U.S. nationwide student loan debt trends. The report includes six different tables that rank schools by a few different parameters (dividing between public and private provision). The report signals a rise in the debt accumulated for a typical student; with an the average debt per borrower figure rising from $28,288 in 2017 to $28,565 in 2018. Nationally, outstanding student loan debt stands at $1.52 trillion. This means it is the second largest form of consumer debt trailing only mortgages.
While the typical student debt level has risen, there has been a small decrease in the proportion of people graduating with debt, with this level falling to 56.99 percent of 2018 graduates compared to 57.96 percent in 2017's graduating class, leaving with student loan debt.
In terms of the differences between those attending colleges at public and private institutions, borrowers graduated private institutions with $38,186 in student loan debt. In contrast, public school borrowers graduated with $27,524 in student loan debt. Of the 250 colleges with the highest average student loan debt per borrower figures, 81.2 percent were private, while 18.8 percent were public.
These figures relate to the increase in costs of attending college in the U.S. Data indicates the rate of tuition increase has greatly outpaced the inflation rate, by at least 3 times for most school types. Typical costs - tuition and fees, plus room and board, together with books and supplies, with added transportation, and other expenses are:
Private 4-Year Not-for-Profit: $50,900
Public 4-Year Out-of-State: $40,940
Public 4-Year In-State: $25,290
Public 2-Year In-District:​ $17,580
Private For-Profit: $16,000 (tuition only)
In terms of loans by state, the lowest level is in Utah at $19,742 (albeit a 7.15 percent rise from 2017); whereas the highest debt level is with Connecticut at $38,776 (which has risen a massive 22.54 percent). In the middle of the ranking is Indiana, at $29,189.
With institutions, the highest level of student debt is accumulated at Bryant University (RI), where the average student leaves owing $54,067.
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