Congratulations on graduating. You have your entire life goals in front of you, just don’t forget about your large student loan debt.
That, it seems, is what college graduates must hear and must deal with after the dust is settled and the diploma put on the wall.
What sticks to everyday citizens like glue, the student loan debt is a constant weight that can remain on someone until they die.
Online marketplace, LENDEDU, has released their fourth consecutive Student Loan Debt by School by State report that gives only bad news for students.
The SLDSS Report analyses close to 1,000 private and public schools to study how much debt students leave college with.
The report found that in 2018, the average debt a student left college with was $28,565 which from the report states an over $200 increase from last year.
The report stated: “Because of these eye-popping numbers that have now elevated the issue of student loan debt to the national scale as evident by the recent 2020 Democratic debates, LendEDU places tremendous value on the annual Student Loan Debt by School by State Report.”
The report consisted of an interactive map that allowed users to see individual states and the colleges that were studied, Minnesota State University, Mankato included.
The report showed that MNSU students that graduated in 2018 had an average student loan debt of $31,804. That is a one percent increase from last year’s SLDSS Report.
The percentage of students that graduate from MNSU the report shows is 75%, a nearly three percentage-point increase from last year.
In the report, Minnesota is ranked 43 in lowest cost for average student loan debt per borrower.
The state with the lowest cost for student loan debt is Utah with $19,742 per borrower.
“It is our hope that by reading LendEDU’s fourth annual Student Loan Debt by School by State Report, you are inspired to have productive conversations about student loan debt and the cost of college in the U.S.,” the report said.
With a national student loan debt well into trillions of dollars, reports like these gives a spotlight on the growing financial struggle both students and families must go through to get the education they need to succeed in the working world.
The average monthly cost to pay off student loan debts is around $400 per graduate who won’t see that debt fully paid until at least a decade.
Header photo courtesy of Flickr.