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Illinois ranks 9th for states with the highest student loan balances

The average Illinoisan carrying student loans owes over $38,000
The U.S. Department of Education announced Friday it is extending its pause on student loan...
The U.S. Department of Education announced Friday it is extending its pause on student loan repayment, interest and collections through Jan. 31, 2022.(AP Graphics)
Published: Aug. 24, 2021 at 5:32 PM CDT
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ROCKFORD, Ill. (WIFR) - Colleges in the U.S. are some of the most expensive in the world, and Americans take out large amounts of student loans to pay for their education. The amount of debt varies between each state. Student loan forgiveness has been discussed multiple times nationally in 2021 to eliminate all or a portion of the national debt.

A study from small business research website AdvisorSmith, analyzed all 50 states and the District of Columbia using date from the U.S. Department of Education. The study segmented student loan debt into two categories, states with the highest student loan balances and states with the most outstanding student loans. From the research, Illinois stood 9th overall with the highest student loan balances.

  • The average loan balance in Illinois is $38,071.
  • Illinois also came in at #23 for the highest percentage of the population with outstanding student loans, and 13% of the population has an outstanding federal student loan.
  • At the end of June 2021, the average student loan debt held in the federal student loan portfolio was $37,861 per borrower.

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