Although the issue of student debt has become part of the national debate on higher education, statistics show that high loan debt is not an issue affecting every area of the country.
A study this month from the Institute for College Access and Success reported that there is a disparity in loan levels depending on location in the country and the institution.
Generally speaking, those in the East and Midwest borrow far more money than those in the South and West.
The report also focuses in on how little people understand the true costs of college, according to the New York Times. Parents tend to focus on the “sticker price” of college and fail to consider what aid they could receive and how much of the cost will need to be financed.
Lauren Asher, president of the Institute for College Access and Success, told the Times that a variety of Internet tools can help parents and students find out the true costs of college. However, she said, “We still have a long way to go in informing people about how to finance an education, and how much it varies from school to school.”
The Institute found that 71% of college seniors who graduated in 2012 had student debt. The average amount of debt was $29,400 per student. The amount of debt increased 6% per year between 2008 and 2012, according to the report.
Debt levels varied by state, with five states having per-student debt levels higher than $30,000. Those states were Delaware, New Hampshire, Pennsylvania, Minnesota and Rhode Island. Low debt states, according to the report, were New Mexico, California, Arizona, Nevada and Wyoming.
On its college-insight.org site, the Institute offers a searchable database of colleges across the country and offers information on the debt levels at each school.
Members of the Institute said that better reporting methods are needed because many colleges do not submit their student debt numbers.
“Right now, some colleges escape accountability by opting not to report their graduates’ debt, while those who do report are stuck on an unequal playing field,” Matthew Reed, the report’s primary author, said in a press release.
“Students, researchers, and policymakers need and deserve better and more complete information.”
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