How Much Student Debt Are New Yorkers Carrying?

Here’s a number that might make you...WHAT!. The average American borrower has about $35,716 in student debt. That’s a lot of money hanging over people’s heads but there’s some good news: The Trump administration recently confirmed student loan cancellation for some borrowers, which could give people some breathing room.

Where New York Stands

If you live in New York, you know things tend to cost a little more and student loans are no exception. The average borrower here owes around $38,856, putting New York ninth in the country for student debt. That’s almost 10% higher than the national average, which means many New Yorkers will be paying off those college years for a while.

How the U.S. Compares to the Rest of the World

Even with all that debt, the U.S. still ranks second in the world for being the least financially stressed country, according to a new study by Compare the Market. The study found that the average annual salary in the U.S. is $80,115, just behind Switzerland at $83,332.

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The catch is that we also have the highest average rent in the world at $5,500 a month and home prices averaging about $5,452 per square meter. So while we make more, we are definitely spending more too.

Where the Debt Hits Hardest

Not all states are in the same boat when it comes to student loans. Maryland takes the top spot for the highest average debt at $43,781, while North Dakota is on the opposite end with an average of $29,115. Other high-debt states include Georgia, Virginia, Florida, Illinois, and yes, New York isn’t far behind them.

So, What Does It All Mean?

Even though the U.S. ranks low overall when it comes to financial stress, there’s no denying that student loans affect a significant amount of people especially in states like ours. Hopefully, with some loan forgiveness rolling out, more borrowers will get some relief and maybe even a fresh start.