North Dakota Ranks High in Student Loan Debt - KMOT.COM - Minot, ND - News, Weather, Sports

North Dakota Ranks High in Student Loan Debt

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Recently the nation's total student loan debt surpassed credit card debt by an average of $26,000 per person. And North Dakota is ranking among the top states with the highest student loan debts. A study by the website Nerd Wallet found that North Dakota ranks second  in the country for highest student loan debt and highest in percentage of graduates with debt.

Education is expensive, it's nothing new, most college students don't graduate without some sort of debt. But what is new is the amount debt is adding up to.

"It worries me," says BSC student Caitlin Pittman.

The consumer website Nerd Wallet found that North Dakota is the second worst state in the nation for student loan debt. The state's average debt per student is $27,000, surpassed only by New Hampshire's 32,000.

"I guess it's shocking," says BSC student Brandon Talley.

What's even more shocking is that North Dakota has the highest percentage of graduates with debt at 83 percent.

"One of the messages that we give to the parents and students is to borrow what you need, not what's available," says Bank of North Dakota director of student loans Wally Erhardt.

Air-Heart suggests that students only take loans as a last resort, and to make sure they are educated on all of their options.

"Have you done enough to prepare for college, have you saved for college, and exhausted all of your scholarships," says Erhardt.

Student debt varies by state depending on financial aid offered by the universities in the state and the availability of state grants and loans.

Erhardt suggests students attend a community college first if they haven't decided on a major yet.

 

 

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