NewsLocal News

Actions

Study ranks Maryland second in nation for highest student loan debt

Student Loan Forgiveness Explainer
Posted at 10:47 AM, Jul 19, 2023
and last updated 2023-07-19 10:49:48-04

BALTIMORE — A newly released study ranks Maryland second in the nation for highest amount of student loan debt.

According to ChamberofCommerce.org, there are approximately 808,600 student loan borrowers in the state.

Combined they owe around $34.5 billion, leaving each individual about $42,666 in debt.

Only Washington D.C. residents were found to be in more debt.

The study comes after the U.S. Department of Education said it would forgive more than 804,000 federal student loan borrowers "to ensure all borrowers have an accurate count of the number of monthly payments that qualify toward forgiveness under income-driven repayment (IDR) plans."

That announcement followed the Supreme Court ruling against President Joe Biden's plan to forgive up to $20,000 in federal student loan debt for all borrowers making less than $125,000 a year.

MORE: Here's who qualifies for Biden's student loan forgiveness programs