Student Loan Default Rates in Arizona Rise Above the National Average
A college degree does not come cheaply. Often, graduates leave a university with a degree AND a hefty debt load. A successful career for many means the pursuit of a degree from a college or university. In fact, according to LendEDU, a consumer financial information company, 26,844 Arizona residents borrowed debt for student loans.
Student loan debt held by Americans was $1.5 trillion in 2018. In 2020, no doubt that amount is higher. Student loan debt is the second-largest category of consumer debt. Where does Arizona fall in student loan debt?
In Arizona, the national student default rate was at its lowest level in 2015. In 2016, the rate increased to 11.45%, one percentage point higher than the national average.
Arizona, however, when compared to the nation, didn’t have a great of debt load as other states. Arizona has the eighth Lowes average student debt. That is an average student debt of $23,913 per borrower. This number is an increase from previous years. Basically, more than half of the graduating classes are graduating with debt.