Average student loan debt on the rise for Minnesota graduatesby Alex Friedrich, Minnesota Public Radio
St. Paul, Minn. — Minnesota students graduated last year averaging $29,000 in loan debt, about $1,500 more than the previous year, shows a national report released Thursday.
Minnesotans carry the fourth-highest debt load among students at U.S. public and private colleges. They also have the fifth-highest student borrowing rate, at 71 percent.
The effects of student debt in the state haven't been as severe as elsewhere, said analyst Tricia Grimes of the state Office of Higher Education.
"Even though a larger percentage of Minnesota students borrow than is true nationally, we also are in the lowest quarter of the states in default rates," Grimes said. "They do seem to repay their loans successfully."
University of Minnesota-Duluth grads had the highest average public school debt in the state with $30,000. Minneapolis College of Art and Design students had the most private school debt at $44,000.