Hoboken, NJ (PRWEB)
August 10, 2017
The Class of 2016 is not the most-indebted class in history, according to the second annual Student Loan Debt by School by State Report released by LendEDU. The average borrower in the Class of 2016 graduated with $27,975, down by 1.50% from $28,400 held by the average borrower in the Class of 2015. In LendEDU’s analysis, researchers found that private institutions gave borrowers an average of $30,281 in student debt at graduation, whereas public institutions gave borrowers an average of $26,828 in student debt at graduation.
LendEDU’s Student Loan Debt by School by State Report was created using the newest Peterson’s financial aid data. Peterson’s released the new data for the Class of 2016 at the start of August 2017. LendEDU is the first organization to aggregate and analyze this data for the Class of 2016. The data was reported through a survey to the colleges and universities listed in the report. The voluntary survey received usable responses from 1,161 institutions. For reference, the data is released on a one year delay. The Class of 2017 data will not be available until the Fall of 2018.
LendEDU created this report to add transparency to the $1.4 trillion student loan crisis. LendEDU’s team worked to aggregate and analyze the self-reported data provided by the colleges and universities mentioned in the report. LendEDU’s goal is to highlight which states and colleges are giving graduates the most and least student loan debt at graduation. LendEDU worked to rank the institutions themselves on an overall basis and on a state level. In the report, LendEDU provided the following information for the 1,161 institutions:
Average student debt per borrower
- Percentage of graduates w/ student debt
- Average private student debt per borrower
- Percentage of graduates w/ private student debt
- Overall rank in the United States (from highest debt per borrower to lowest debt per borrower)
- State rank (from highest debt per borrower to lowest debt per borrower)
- % change in average student debt per borrower vs. last year’s data
“This is the second edition of our Student Loan Debt by School by State Report. To be honest, last year we were quite surprised when our report…