Student debt has a hold on those that want a higher education.
The cost of college continues to rise, making it hard for some to be able to receive a degree. According to Stacker, 4.3 million Americans have "made the trade-off between carrying tens of thousands of dollars in federal student loans for higher earning potential down the road."
With that in mind, Stacker set out to find just how much student debt has grown in each state across the U.S.
"Since 2000, the average cost of college per student has tripled to $35,720 per year. These exorbitant costs have outpaced currency inflation, leading to increasing debt loads and stagnant wages when it comes time for repayment."
No matter what occupation you receive after college, paying off student debt is a burden to everyone. During Stacker's research, they found that paying off student debt is harder for some than for others.
"Black graduates are five times more likely to default on loan repayment compared to their white peers due to lower median earnings. And their total debt is likely to be higher—an average of $52,000 for a bachelor's degree. Women are forced to finance advanced degrees just to close the gender pay gap, ultimately earning—even with a master's degree—what a man in the same role would earn with a bachelor's degree."
To find exactly how much student debt has grown in each state, Stacker looked at StudySoup's analyzed data of "household debt statistics from the Federal Reserve of New York" and also included additional data for 2020s average debt per borrower.
So, where exactly does Michigan stand with student debt?
Of all 50 states, Michigan ranked as the 23rd state with the highest student debt growth.
According to the report, here are Michigan's stats for 2020:
- Student debt per capita in 2020: $6,030 (438.4% increase since 2003)
- Student debt per capita in 2003: $1,120
- Total number of borrowers in 2020: 1,434,200 ($35,900 average debt per borrower)
To see how much student debt has grown in each state, click here.