Michigan ranks No. 5 in the country for the most people with student loans, according to a study by AdvisorSmith.
The study shows 14% of Michigan’s population has outstanding federal student loans with an average loan balance of $36,295.
The nation’s capital, Washington D.C., had the highest average balance of loan debt, which was $55,077, with 16% of the population having outstanding student loans.
In the U.S., 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 that was provided by the U.S. Department of Education on the federal student loan portfolios held by the U.S. government.
The data included the total balance of the student loan portfolio by state, the number of borrowers in each state and also data on population from each state, which was provided by the U.S. Census Bureau.