The One State with Low Student Debt

The One State with Low Student Debt

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There is only one state where the average college student has less that $20,000 of debt when they graduate.  In all 50 United States, we can only find one state with this statistic and that award goes to the western state of New Mexico.  Student debt is becoming a bigger and bigger issue in America.

In a study released in November 2014, New Mexico was found to be the only state where the average college student graduates with less than $20,000 in debt.  

They weren’t far below that mark though, their average came in at $18,656.  New Hampshire came in with the highest ranking student debt, at $32,795.  As more students borrow and borrow more, it drives the cost up – leading to more and more students borrowing.

One of the biggest problems with student debt is it holds the graduate back from their full life potential after graduation.  Having over $30,000 in student loans leads to putting off buying a house, getting married, saving for your own children’s education, starting a business, or saving for retirement.  This delays the benefit that these adults could be to our economy.

Rethinking the traditional college route is becoming more and more of a necessity in our world today.  Testing out of courses and taking online courses can help shorten your time spent on campus and decrease your total college cost.  In addition, the average CLEP prep book is $30 – compared to the average $300 textbook for a traditional classroom course.

There are other options out there, besides binding yourself to thousands of dollars in student debt.  Let’s step back and look at the conveyor belt way of college.  Maybe there is a different way to do it.

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