Michigan ranks 5th in the country for the number of people receiving student loans, according to research by AdvisorSmith.
Research shows that 14% of Michigan’s population has outstanding federal student loans with an average loan balance of $ 36,295.
The nation’s capital, Washington DC, had the highest average loan balance at $ 55,077, with 16% of the population having student loans outstanding.
In the United States, the average student loan balance at the end of June 2021 was $ 37,105, and 13% of the country’s population has outstanding student loans.
AdvisorSmith used data on US government federal student loan portfolios provided by the US Department of Education.
The data included the total balance of the student loan portfolio by state, the number of borrowers in each state, and population data for each state, which were provided by the US Census Bureau.