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Report: Coloradans have less student debt on average than many other Americans

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Posted at 12:31 PM, Aug 02, 2017
and last updated 2017-08-02 15:46:33-04

DENVER – College graduates in Colorado are faring better on the student debt front than a lot of their peers in other states, according to a new report from WalletHub.

On its list of states (plus Washington, DC) with the most student debt, Colorado came in near the bottom, at number 41. Flip that around, and Colorado is ranked 11th among states with the lowest debt.

WalletHub aimed to measure not just the average amount of student debt but also the overall burden of that debt, so the site compiled statistics on the proportion of students with debt, the share of loans in default, job opportunities for college graduates and underemployment rates, among others.

With its abundant job opportunities and strong economy, Colorado does better than other states in providing opportunities to get a well-paying job and start paying off that debt soon after graduating.

According to WalletHub, the average Colorado student graduates with $25,840 in student loans and 56 percent of students have debt.

Overall, Western states seem to be doing better than those farther east. Ohio is ranked first in terms of highest overall debt burden, followed by Mississippi, Pennsylvania, West Virginia and New Hampshire.

When looking solely at average amount of debt, New Hampshire has the most at $36,101.

Take a look at the map below to see how other states compare:

Source: WalletHub

For more information, head over to wallethub.com.