The Economic Diversity web site now includes the average student loan debt for the 2005 graduating class as reported by 1,421 four-year institutions. Also included is the proportion of graduates with any student loans. The site provides access to these data (as well as comparable figures for 2000 and 2004) through an agreement with college guide publisher Thomson Peterson’s. (The data are copyright 2006 Thomson Peterson’s, a part of Thomson Learning Inc. All rights reserved.)
Using the new 2005 data, we constructed statewide enrollment-weighted averages for all 50 states and the District of Columbia. The state averages will be posted tomorrow on our sister site, the Project on Student Debt, along with a brief report. The five states with the highest average cumulative student debt are New Hampshire, Iowa, North Dakota, Rhode Island and Pennsylvania. The five lowest are Utah, Hawaii, Delaware, Maryland, and California.
These data aren’t perfect. Colleges are asked to report the total federal and private student loans taken out by graduating seniors while they attended that institution. This means that prior borrowing by students who transfer is not included. Actual debt may also be higher due to private loans taken out by the students but not handled by the campus financial aid office (and therefore not in the campus’ records).