Student Loan Debt In Pennsylvania Is As Bad As You Think It Is
This year, the federal government has taken some steps to make it easier for struggling former students to receive loan forgiveness and erase some of their education debt, but millions of graduates, as well as millions of Americans who borrowed money for college but left without graduating, still have just as much federal, state, and private student debt as they did at the beginning of the pandemic. When student loan debt is a nationwide problem, borrowers in Pennsylvania carry a much heavier than average student debt burden. No two former students are in exactly the same situation, and student loans are only one source of financial stress for people who have attended college. If student loan debt is a major factor in your financial woes, contact a Philadelphia consumer law attorney.
How Much Educational Debt Do Pennsylvania Graduates Have?
Postsecondary education has become progressively more expensive over the past several decades; meanwhile, the COVID-19 pandemic has presented a whole other set of financial obstacles to young adults. The Institute for College Access and Success (TICAS) recently published a report on the student loan debt burden of graduates in the class of 2020, with a state-by-state breakdown of statistics. In every state, at least one third of the class of 2020 graduated with a student loan debt balance, but the percentage of graduates with student loan debt ranged from 39 percent in Utah to 73 percent in South Dakota.
The average federal student loan balance per state of people who earned bachelor’s degrees in 2020 ranged from $24,983 in Idaho to $39,928 in New Hampshire. By this metric, Pennsylvania ranked third; the average 2020 graduate in Pennsylvania owed $39,375 on their federal student loans at the time of graduation. All of the top ten states as far as loan balance at graduation are in the northeastern United States, due to the high cost of tuition and of living in this region.
Regarding the balances of private student loans, Pennsylvania ranked eighth, with an average private loan balance of $42,361. If there is encouraging news here, it is that fewer students nationwide take out private student loans. Fewer than a quarter of students borrow private student loans, although the percentage of graduates who owe private student debt is higher for graduates of public universities than of private nonprofit universities, which are more expensive.
TICAs recommends policy changes at the federal level to make university education more affordable. In the meantime, a consumer law attorney may be able to help you settle, consolidate, or discharge your debts so you can have more money left to pay down your federal loans until you can achieve loan forgiveness.
Contact Louis S. Schwartz About Living With Student Debt
A consumer law attorney can help you find a solution that will stop federal and private student loan debt from ruining your finances. Contact Louis S. Schwartz at CONSUMERLAWPA.com to set up a free, confidential consultation.