The average debt that borrowers of student loans had at graduation continued to rise last year, climbing to $29,400 for the class of 2012, according to a new report released Wednesday by the Institute for College Access and Success (TICAS).
This year’s figure is up by almost 10 percent compared with the group’s estimate last year of $26,600 and increased an average of 6 percent each year from 2008 to 2012, the report says. TICAS derives its estimates from data the federal government collects every four years as well as information that colleges report on a voluntary basis to an annual survey by Peterson’s college guide.
As in previous years, the report shows a wide variation in average student debt loads across different states and institutions. Delaware and New Hampshire lead the list of the highest-debt states, with average debt levels of $33,649 and $32,698, respectively. Meanwhile, New Mexico’s average student debt of $17,994 gives the state the distinction of the lowest-debt state. California was the second-lowest-debt state with $20,269.