How Minnesota student debt compares nationally

Last year I covered reasons Minnesotans are pretty heavy student-loan borrowers compared to their classmates around the nation.

That was based on a report on the borrowing habits of the Class of 2010 by the Institute for College Access and Success‘s Project on Student Debt.

Now this year’s results are in:

We’ve moved up from fourth to third in the amount borrowed ($29,058 last year to $29,793 this year) and stayed at fifth in the percentage of students who borrow (71 percent both last year and this year).

As usual, the most indebted students are in the Northeast and Midwest.

The national story is here.

The full report is below:

  • Jay Sieling

    Is this type of data available for the last decade?  It would be interesting to see if there is an observable correlation to the amount of student borrowing and the disinvestment in public education over the same period.  I’m guessing (pretty sure) there is, but it would be interesting to see it more definitively.

    • Alex Friedrich

      I believe this is the sixth year of the report. I’ve been meaning to compile the annual data (at least for Minnesota and its peers) to spot any patterns. We’ll see how that goes.