Michigan ranks 44th among states for the average amount of debt owed by college kids who got four-year degrees in 2011 -- $26,951. New Mexico had the lowest amount of debt, $16,276; recent college graduates in New Hampshire had the highest, $32,385. Average annual student debt for Michigan college graduates has grown 5.3% since 2004, according to Michigan's Performance Tracker for Public Universities . The statistics were released by Business Leaders for Michigan earlier this month, which noted higher debt levels carried by students equate to less money for local economies in Michigan.
Average Student DebtWhat it is: The average amount of debt for undergraduate students graduating in 2011 in each U.S. State for public universities that are 4-years and above.
Why it matters: This information helps us know the debt burden for students graduating with undergraduate degrees in each state. The higher the debt, the longer a student may take to pay it back. This means that many graduating students will have to spend a higher share of their future income on paying student loans rather than spending their money in the economy.
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