This Map Shows The Average Student Loan Debt By State

This Map Shows The Average Student Loan Debt By State

Student loan debt is a major burden on Americans, one that's been growing exponentially over the years. Not only have tuition fees skyrocketed over the last few decades, but also the job market demands increasingly advanced degrees just to earn a living wage. Today, Americans owe a collective $1.4 trillion in federal student loan debt. Many have delayed major life milestones, such as buying homes and starting families, due to the financial strain that debt imposes. And that's bad news for the economy at large, as economic growth relies on people spending and investing their money. Student loan debt is a lose-lose situation (except the universities, of course). With the election of Joe Biden as the country's next president, however, there is some hope that existing federal student loan debt could be forgiven as soon as January ― at least in part. Senate Minority Leader Chuck Schumer (D-N.Y.) recently urged Biden to use executive action to forgive up to $50,000 in student debt per person as a form of economic stimulus. Sen. Elizabeth Warren (D-Mass.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) have both publicly endorsed the idea.But what would that actually mean for borrowers in the U.S.? A $50,000 break certainly