A recent study by GOBankingRates, utilizing data from the Education Data Initiative's Student Debt by Generation 2023, reveals insights into the magnitude of student loan debt in the US. The study focused on millennials, determining each state's total number of millennials with student debt and the overall debt held by this generation. The highest average student loan debt among millennials was concentrated on the East Coast, with nine out of the top ten states located in this region. Maryland and New York topped the list with averages of $37,337 and $37,173 respectively.

Of the top ten, New Jersey is ranked seventh with an average debt for millennials of $34,801, and Pennsylvania, with an average debt of approximately $33,951. Additionally, Delaware stood out with an average millennial student debt of $33,110. Andrew Murray from GOBankingRates noted that popular cities for college graduates like Chicago, Boston, and New York contribute to the high debt amounts in states such as New York, Massachusetts, and Illinois. 

A recent Axios survey highlighted bipartisan agreement among students regarding the necessity for government intervention to alleviate student loan burdens, with 89% of Democratic students and 81% of Republicans advocating for more relief options.

Here is a list of the top 10 states with the highest student debt among millennials: 

  1. Maryland: $37,337
  2. New York: $37,173
  3. Illinois: $35,976
  4. Virginia: $35,846
  5. Georgia : $35,246
  6. Massachusetts: $34,821
  7. New Jersey: $34,801
  8. South Carolina: $34,672
  9. Florida: $34,561
  10. North Carolina: $34,440