Pennsylvania Ranks Third in Nationwide Student Loan Debt, Study Finds
In Pennsylvania, students pay a high price for their graduate studies.
LendEDU study ranked Pennsylvania as the state with the third highest student debt ratio in the country.
The study found that 64% of 2019 graduates in Pennsylvania took out student loans, and the average borrower took out $ 38,521 in student loans. That’s up 8.48% from 2018 data, although that year Pennsylvania was ranked as the state with the highest student debt in the country.
LendEDU has collected and analyzed the most recent student debt figures from hundreds of colleges and universities across the United States and ranked every state, schools in every state, and schools as a whole based on the numbers from the debt.
This news comes amid the COVID-19 pandemic – a time when many families are assessing the true value of higher education. Almost half of high school students undecided are considering taking a gap year or online degree programs instead of traditional 4-year institutions.
Nationwide student debt outstanding has climbed to $ 1.67 trillion, according to the Federal Reserve.
Connecticut was ranked highest nationally for student loan debt, with 80% of 2019 graduates taking out loans averaging $ 41,578 per borrower. Utah was ranked lowest with an average of $ 16,633 in loans per borrower and 32% of 2019 graduates with loans.
The class of 2019 averaged $ 29,076 in loans per borrower, which was up $ 511 from the class of 2018.
Highest debt ratios:
Immaculate University
Average student debt per borrower: $ 55,126
Percentage of graduates with loans: 85%
National ranking: $ 473 44,243
Duquesne University
Average student debt per borrower: $ 44,243
Percentage of graduates with loans: 58%
National rank: 464
Penn State Altoona
Average student debt per borrower: $ 43,294
Percentage of graduates with loans: 72%
National rank: 461
Edinburgh University of Pennsylvania
Average student debt per borrower: $ 42,694
Percentage of graduates with loans: 84%
National rank: 460
Mansfield University of Pennsylvania
Average student debt per borrower: $ 42,457
Percentage of graduates with loans: 87%
National rank: 459
Ursinus College
Average student debt per borrower: $ 42,113
Percentage of graduates with loans: 71%
National rank: 456
University of California, Pennsylvania
Average student debt per borrower: $ 42,029
Percentage of graduates with loans: 87%
National rank: 455
Penn State Erie, Behrend College
Average student debt per borrower: $ 41,841
Percentage of graduates with loans: 71%
National rank: 453
Penn State Schuylkill
Average student debt per borrower: $ 41,749
Percentage of graduates with loans: 87%
National rank: 451
Scranton University
Average student debt per borrower: $ 41,570
Percentage of graduates with loans: 75%
National rank: 450
Penn State Berks
Average student debt per borrower: $ 41,278
Percentage of graduates with loans: 79%
National rank: 448
Indiana University of Pennsylvania
Average student debt per borrower: $ 41,222
Percentage of graduates with loans: 84%
National rank: 447
Lowest government debt:
Bryn Athyn College of the New Church
Average student debt per borrower: $ 2,825
Percentage of graduates with loans: 33%
National rank: 1
East Stroudsburg University of Pennsylvania
Average student debt per borrower: $ 12,070
Percentage of graduates with loans: 36%
National rank: 17
University of Pennsylvania
Average student debt per borrower: $ 23,009
Percentage of graduates with loans: 22%
National rank: 78
Lock Haven University of Pennsylvania
Average student debt per borrower: $ 23,490
Percentage of graduates with loans: 79%
National rank: 86
Millersville University of Pennsylvania
Average student debt per borrower: $ 32,815
Percentage of graduates with loans: 73%
National rank: 323
College of Geneva
Average student debt per borrower: $ 32,823
Percentage of graduates with loans: 74%
National rank: 324
Penn State Abington
Average student debt per borrower: $ 32,957
Percentage of graduates with loans: 72%
National rank: 326
Muhlenberg College
Average student debt per borrower: $ 32,963
Percentage of graduates with loans: 60%
National rank: 328
Brandywine Penn State
Average student debt per borrower: $ 33,019
Percentage of graduates with loans: 78%
National rank: 329
University of Pittsburgh at Greensburg
Average student debt per borrower: $ 33,844
Percentage of graduates with loans: 75%
National rank: 348