Although the number of people who have student debt in North Dakota is among the highest in the nation, the average amount borrowed is among the lowest, according to a recent report.
The Federal Reserve Bank of New York released its quarterly report Tuesday on national borrowing and debt, which includes information on student loans. The report uses data from 40 million people, usually age 19 and older who have a Social Security number and a credit report.
North Dakotans reported having an average of $21,510 in student loan debt, along with South Dakota ($21,120), Wyoming ($20,660) and Puerto Rico ($18,460) as the lowest in the nation.
The average balance per borrower tended to be higher in the Northeast and the South, with the District of Columbia reporting the highest at $41,230. The national average is $24,810.
In North Dakota, 21.7 percent of people have a credit report and student debt. The state was among six identified as having the highest number of people who had that combination -- Minnesota (22.3 percent), South Dakota (20.3 percent), Iowa (20.2 percent), Colorado (19.1 percent) and New Hampshire (19.4 percent).
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The District of Columbia topped the list with 25.9 percent, while Hawaii had the lowest at less than 12 percent. The national average is 16.2 percent.
