Arizonans have less student loan debt than nationwide average
Aug 2, 2018, 5:22 PM | Updated: Aug 3, 2018, 12:22 pm
PHOENIX — Graduating from college is an exciting time in a young person’s life, but obtaining that degree can come with a cost — literally.
Student loan debt makes up the largest component of household debt for Americans. According to the Federal Reserve Bank of New York, the collective amount of student loan debt nationwide stood at $1.41 trillion.
But if you graduated in Arizona, the odds of you having a significant amount of student loan debt after graduation is much lower compared to the rest of the country.
According to WalletHub, Arizona ranked among the states with the lowest amount of student loan debt, coming in at the 46th state in the nation.
Jill Gonzalez with WalletHub told KTAR News 92.3 FM that the average student loan debt for a student graduating from an Arizona college was $24,000.
That was “substantially less” than the nationwide average, which was $66,000, she added.
The number of students in Arizona graduating with debt was also well below the national average: About a third of Arizona students had debt under their belts after graduation, while the nationwide average was between 50 to 60 percent.
Gonzalez attributed the number of student jobs and paid internships to the low amount of debt in Arizona, particularly during the summer months when tourism is in full swing.
KTAR News 92.3 FM’s Jeremy Foster contributed to this report.