ATLANTA - Georgia borrowers carry some of the heaviest student loan debt in the country, with the average balance topping $42,200, according to a new report from the Education Data Initiative.
What they're saying:
The state’s borrowers collectively owe $71.7 billion, with 1.69 million Georgians holding student loan debt. Nearly half of those borrowers — 47.4% — are under the age of 35. About 15.2% of Georgia residents carry student debt, and among them, 13.9% owe less than $5,000, while 21.2% owe between $20,000 and $40,000. A small but significant share, 2.87%, owe more than $200,000.
Nationally, the District of Columbia holds the highest average federal student loan debt at $54,561 per borrower, along with the highest percentage of residents in debt at 16.2%. North Dakota has the lowest average debt at $29,115, making it the only state under $30,000. Hawaiians are the least likely to have student loans, with just 8.53% of residents owing. In most states — including D.C. and Puerto Rico — borrowers ages 25 to 34 make up the largest group in debt, though in 19 states, those ages 35 to 49 hold the largest share.
Local perspective:
In Georgia, lawmakers are looking for solutions. A state Senate study committee, created by legislation passed in April, will meet for the first time next Monday to explore ways to reduce student debt and make higher education more affordable. Legislators note that while Georgia’s post-secondary completion rate among young adults is nearly 51%, by 2031 an estimated 72% of jobs in the state will require a post-secondary credential.