FOLLOW US

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • Home
  • About
    • PRs Work With Us
  • MEDIA
  • DIRECTORS CUT
  • Contact Us
Joleisa logo
  • Frugal living
  • Eat for less
  • Start a blog
  • Recommendations

Can you Save on American College Debt by Moving to a Different State?

This post may contain affiliate links

College is a difficult time for frugality. You can do a lot with buying cheaper meals, eating out less often, curtailing your entertainment time and budget, living within your means as much as you can, but you still have to consider the significant issue of the debt you’ll owe as a result of studying at university.
This is what this post is about and it is specially dedicated to people like our friend Dahlia who already has her eldest in college and helping the younger one decide on his best options overall.
College debt
If you’re planning to go to college in the USA, whether because you want to study abroad or because you already live in the States, you’ll want to start planning early.

Surprisingly, just choosing the right state can actually have a significant impact on your student debt. With a state–by-state analysis of student debt, you’ll be able to choose wisely and get out of college for less. The figures are staggering but trust me, it pays off, in the end, to know all your options before you even start.
university: lower college debt

Average college debt: highs and lows

A good first number to look at is the average college debt in each state. You’ll find that college debt is actually fairly localized — New England tends to be higher, while the West Coast tends to be lower.
The highest states for average college debt are all in New England. Even in the five highest states, however, there are some significant differences; the highest is over $4,000 more expensive on average than the fifth highest.
● Connecticut ($38,510)
● Pennsylvania ($36,854)
● Rhode Island ($36,250)
● New Hampshire ($34,415)
● Delaware ($34,144)
The lowest states are all the way on the other side of the country. These are more than $10,000 less expensive on average than the most expensive states. In fact, the state with the lowest student debt boasts an average that’s just over $20,000 less than the state with the highest.
● Utah ($18,383)
● New Mexico ($21,237)
● Nevada ($22,064)
● Wyoming ($22,524)
● California ($22,785)

Choosing the right college (for lower college debt)

These averages, however, can sometimes be misleading. If you really want to get out of college with as little student debt as possible, you’ll want to look into specific colleges.
For evidence on how important it is to choose the right college, look no further than New York. Its statewide average is $30,931, which puts it at the high end of the middle of the pack. But it’s also home to the colleges with both the lowest and highest average debts: CUNY Lehman College with $4,410 and the New York School of Interior Design at $65,401. Two people in New York could have a $61,000 difference
in debt just because of the school they went to. That’s significant!
Although only one state has an average debt under $20,000, there are plenty of colleges with low average debts. Across the United States, you’ll find nine with at least one college that boasts an average student debt of less than $10,000.
● New York: CUNY Lehman College ($4,410)
● Kansas: Bethel College-North Newton ($5,633)
● Connecticut: Central Connecticut State University ($5,831)
● Texas: University of the Incarnate Word ($6,271)
lower college debt
● Idaho: College of Idaho ($7,202)
● Pennsylvania: Pennsylvania College of Technology ($7,219)
● Florida: Florida Agricultural and Mechanical University ($7,454)
● Kentucky: Berea College ($7,468)

Avoiding college debt loan delinquencies

When you get out of college, you don’t just have to worry about the fact that you have loans. It’s important that you’re able to pay off those loans in a timely manner. It’s actually one of the most important parts; delinquencies can stay on your record for many years, affecting your credit even after you’ve paid off the
loan.
But interestingly, college debt amounts and college loan delinquencies actually seem to have an inverse relationship. As noted before, New England tends to have a very high average debt, but it also tends toward “extremely low” delinquency rates according to MappingStudentDebt.org. The opposite is true in the Southwest, which has low average debt but “extremely high” delinquency rates.
It turns out that income has a much more significant effect on delinquencies than the amount of debt you have. If you live in a lower-income ZIP code, it’s important to strictly plan out your budget regarding your debt no matter how much you end up with.

Conclusion

There’s a lot to think about when it comes to student debt. If you’re careful, you can make it out of college with a minimum amount of student debt and the ability to pay it off, as both things that are important when living frugally.
Remember too that there’s a difference between college cost and college debt. When you decide on a college, take the time to look into scholarships and financial aid in every state. It could significantly change your college experience in the years to come.

Share this:

  • Twitter
  • Facebook
  • Pinterest
  • WhatsApp
  • LinkedIn
  • More
  • Print
  • Email
  • Skype

Related

Filed Under: Frugal

About Joleisa

« Getting Craft Ready for Christmas
How to get the Best out of Your Employees »

Comments

  1. Steveark says

    October 13, 2019 at 7:30 pm

    Some places have special deals for local students. For instance the small city I live near in Arkansas provides 100% tuition and fees for every kid in their school district for 5 years of college or technical training. No needs testing, no test score or GPA requirement and you can take the money to any school in the US. People have moved here from as far away as Scotland to get in on this! There is a similar thing in Michigan and free community college in Tennessee but nothing quite like our local thing.

    Reply
    • Joleisa says

      October 13, 2019 at 8:39 pm

      Ooh, that’s interesting! Thanks so much for stopping by and for sharing.

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

CommentLuv badgeShow more posts

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Hey guys and gals!

Hi, we're Jo and Leisa, twin sisters and authors of Joleisa.com. Originally from the sandy beaches of Jamaica we now reside in England where we followed our calling to teach. But sometimes that call changes and our new passion is writing. We're here to give the ups and downs of it all with our lifestyle tips and tricks to help you avoid the sour lemons that can get in our way of frugal budgeting, intentional living and happiness. Join us and learn more about how we found the simplest ways to achieve easy living. Read More…

AS SEEN ON CHANNEL 5’S

We are Sociable

  • Facebook
  • Instagram
  • Pinterest
  • Twitter

Recent Posts

  • Pure Bliss – Our Word of the Week
  • All About the Commonwealth Games This Week
  • Dripping Chocolate
  • Summer Time is Truly the Best
  • This week it’s Back!

MOST POPULAR POSTS

Why we left teaching

  • Be your own boss
  • Set up a blog
  • Making money from your blog
  • Using Pinterest to help your blog
  • Fixing sleep problems
  • Frugal family fun at half term
  • Having to plan a funeral!
  • Let’s show you how we save money on food
  • Our time on Channel 5’s Shop Smart, Save Money
HIBS100 Index of Home and Interior Blogs HIBS100

Copyright © 2022 · Tasteful theme by Restored 316

Copyright © 2022 ·Tasteful Theme · Genesis Framework by StudioPress · WordPress · Log in

YOUR PRIVACY

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept Reject Read More
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
 

Loading Comments...
 

    loading Cancel
    Post was not sent - check your email addresses!
    Email check failed, please try again
    Sorry, your blog cannot share posts by email.