Graduates from the Class of 2016 have a reason to be smiling after a new LendEDU report found the average debt per borrower decreased from last year.
A new study by LendEDU, an online marketplace for student loan refinancing, found that the average student debt per borrower in the U.S. has dropped by 1.50 percent from last year.
This is the second year LendEDU has released their “Student Loan Debt by School by State Report,” and the results of this years report should be welcomed news to student loan borrowers throughout the U.S. Last year, the company found that the average student loan debt per borrower in the Class of 2015 was $28,400. This year, the average student loan debt per borrower in the Class of 2016 has fallen to $27,975.
The drop in debt from one graduating class to the successive class was a 1.50 percent decrease year over year in terms of average student debt per borrower.
In comparison, The Student Loan Report’s most recent data found that the average student loan debt per borrower in the U.S. was $27,857 going off of Federal Reserve Bank of New York data.
There were a few more interesting findings from the LendEDU report. The state of Pennsylvania had the highest average student debt per borrower when compared to the rest of the country. The Keystone State’s average debt per student loan borrower was $35,185, a 1.85 percent increase from the state’s average debt per borrower from last year.
On the other end of the spectrum, the study found that the state of Utah had the lowest average student debt per borrower. Utah’s average debt per borrower came in at $18,810, a year over year increase of 0.20 percent.
The study also found that at non-profit 4-year public and private colleges in 2016, 59.78 percent of graduates left school with some amount of student loan debt. Last year, 59.63 percent of graduates in the Class of 2015 left college with student debt.
Additionally, private colleges and universities were giving student borrowers more debt upon graduation when compared to public institutions. On average, student borrowers who attended private institutions left college with $30,281 in debt, while students at public schools left with $26,828 in debt.
Which specific schools in the U.S. were saddling student loan borrowers with the most and least student debt? According to LendEDU, Newman University in Kansas gave borrowers the least amount of student debt, $3,809. Contrarily, the Rose-Hulman Institute of Technology in Indiana gave student debtors the most debt, $59,113.
According to The Student Loan Report, the national student loan debt currently sits at $1.41 trillion. Further, 70 percent of college students are student loan borrowers.
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