Study: Vt. ranks 13th in average federal student loan debt

Published: Jan. 16, 2022 at 10:57 PM EST
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BURLINGTON, Vt. (WCAX) - According to a study conducted by Studentloanhero.com, Vermont ranks 13th in the nation for average student loan debt.

Data from the website shows student borrowing is down here in Vermont. Student Loan Hero reports Vermonters borrowed $221 million in funds from 2020-2021. That number is down nearly 18% from the previous fiscal year.

They report there is roughly $1.7 trillion in outstanding student loan debt, nationally.

Andrew Pentis, a loan expert with the site, says borrowing is down nationwide.

“It’s only on the incline for graduate students and professional students, where sticker prices for those schools and programs remain sky-high,” Pentis said. “But generally, we are seeing families wise up to the idea that student loans should really be a last resort option if you need to get help paying for higher education.”

He says looking into scholarship or grant opportunities is a good way to minimize an individual’s borrowing needs, adding that while some may be able to make voluntary payments, the pause gives many borrowers a chance to save now and pay later.

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