A new study has revealed that Georgia has the second highest student debt per borrower.

Higher education research group Degree Choices analyzed data from the Office of Federal Student Aid to determine which states had the highest average student debt per borrower.

1. Maryland

Topping the list for the states with the highest amount of student debt per borrower is Maryland, with an average debt of $43,116. In total, Maryland’s student debt stands at $36.7 billion across 851,200 borrowers. 

2. Georgia

The state with the second highest student debt per borrower is Georgia, with an average debt of $41,775. Georgia’s total student debt of $70.6 billion is spread across 1.69 million borrowers.

3. Virginia

Virginia has the third highest amount of student debt per borrower. The state’s total student debt is $43.8 billion spread across 1.1 million borrowers, equating to an average student debt of $39,599.

4. Florida

With an average debt of $38,683, Florida has the fourth-highest student debt per borrower. Florida has 2.72 million total borrowers, while the state’s total student debt is $105.4 billion.

5. South Carolina

The state with the fifth highest student debt per borrower is South Carolina, with an average student debt of $38,360. The state’s total student debt is $29.1 billion across 758,600 borrowers.

6. Illinois

Illinois is sixth on the list of states with the highest student debt per borrower, with an average student debt of $38,349. A total of 1.65 million borrowers hold $63.1 billion of student debt in Illinois.

7. Delaware

The state with the seventh highest amount of student debt per borrower is Delaware, with an average debt of $38,174. The First State has $5.1 billion of student debt across 133,600 borrowers. 

8. North Carolina

With an average student debt per borrower of $38,143, North Carolina has the eighth highest student debt per borrower on average. In total, 1.35 million borrowers hold $51.6 billion of student debt in North Carolina.

9. Vermont

Vermont has the ninth highest student debt per borrower. Vermonters hold $3 billion of student debt across 78,800 borrowers, giving an average student debt per borrower of $38,071.

10. Hawaii

Hawaii rounds out the top 10 states, with an average student debt of $37,995. The Aloha State’s 123,700 borrowers hold $4.7 billion in student debt. 

David Levy, Author at Degree Choices, says:

“College can be a very valuable investment, but at the same time, it can often require students to take out large loans to cover their education costs.

“Depending on the type of loan taken out and how quickly graduates pay it back, the interest on these loans can accrue rapidly, potentially resulting in paying back a lot more than what was initially taken out.

“Prospective students planning to take out a loan would be wise to weigh up the likely amount of time they will need to pay it back.

“Considering your degree's overall return on investment can avoid a situation where you are lumped with student debt that you simply cannot afford to repay after graduating.”