Outstanding student loan debt now stands at $1.2 trillion, and it balloons more and more each day in the United States.
The statistics are startling, especially as more Millennials graduate with degrees but are unable to find well-paying jobs. Seven in 10 college seniors who graduated last year incurred student loan debt. The average amount owed in 2012 was $29,400 per borrower.
According to the Project on Student Debt at the Institute for College Access & Success, debt at graduation, including federal and private loans combined, increased an average of 6 percent each year from 2008 to 2012. The new report includes a breakdown of debt by state. The average amount of debt for college graduates owing money on their education was highest in the Northeast and Midwest and lowest in the West and South, with New Mexico having the lowest student loan debt. Other low-debt states are California, Arizona, Nevada, and Wyoming.
To find out which 10 states came in with the biggest numbers, click on.