New York, Georgia and California are among states with the most student loan debt. Maryland tops the charts with the most debt among borrowers per capita.
Amid 2024 presidential election campaigning, student loan debt and forgiveness is a critical issue to American voters with college graduates struggling to contribute to their loan tab. Across the country, Gen X and a portion of baby boomers racked up an average of $44,331 in loan debt per capita, which is a quarter above the U.S. average, according to DegreeChoices, a higher education research group. "Federal loan debt in the United States totals $1.727 trillion, accounting for 92.
College tuition in the U.S. has increased steadily for decades, which makes it increasingly difficult for students to afford higher education without taking out huge loans," the release said. "Stagnant wages and competitive job markets make it difficult for recent graduates to pay off their loans quickly, leading to longer repayment periods and more accrued interest.
On Wednesday, President Biden announced $7.7 billion in student loan handouts to more than 160,000 borrowers. "From day one of my Administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity," Biden said in a statement. "I will never stop working to cancel student debt — no matter how many times Republican elected officials try to stop us.
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