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    Here are the top 10 states where borrowers will benefit the most from Biden’s loan forgiveness

    President Joe Biden announced today that his administration will forgive up to $20,000 in student loan debt for federal borrowers. Debt relief will go much further in some states than in others.

    Total federal student loan debt in the US is about $1.6 trillion, according to the latest data provided by the Department of Education’s Office of Federal Student Aid. Borrowers average $37,667, though that figure varies by location, type of degree, and other factors.

    Californians, for example, owed the most collectively in student loans at the end of March 2022, $146 billion — given the state’s population, that’s not surprising — but an average of $37,366 per borrower, slightly below the national average.

    Borrowers in Wyoming, on the other hand, owe the least overall, at $1.7 billion, or $31,365 each on average.

    Washington, DC owes the most per borrower, averaging over $55,500. Meanwhile, borrowers in Maryland and Georgia also owed significantly more than the national average, at $43,619 and $42,200 per borrower, respectively. North Dakota had the lowest average balance, $29,885.

    Here’s a look at the 10 states with the highest average student loan debt per borrower across the US

    1. Maryland

    Average debt per borrower: $43,619
    Total outstanding debt: $36.3 billion

    2. Georgia

    Average debt per borrower: $42,200
    Total outstanding debt: $69.3 billion

    3. Virginia

    Average debt per borrower: $39,892
    Total outstanding debt: $43 billion

    4. South Carolina

    Average debt per borrower: $38,915
    Total outstanding debt: $28.4 billion

    5. Florida

    Average debt per borrower: $38,889
    Total outstanding debt: $102.1 billion

    6. Illinois

    Average debt per borrower: $38,526
    Total outstanding debt: $62.3 billion

    7. New York

    Average debt per borrower: $38,400
    Total outstanding debt: $93.9 billion

    8. Delaware

    Average debt per borrower: $38,371
    Total outstanding debt: $4.9 billion

    9. North Carolina

    Average debt per borrower: $38,287
    Total outstanding debt: $49.8 billion

    The story continues

    10. Alabama

    Average debt per borrower: $37,831
    Total outstanding debt: $23.8 billion

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