Maryland Leads in Millennial Student Debt Crisis as Biden Proposes $400B Cancellation

Rewriting Article: A study by GOBankingRates has revealed that millennials in Maryland have the highest average student loan debt at $37,337 per person, with a total outstanding debt of around $10.6 billion for the entire state. Washington D.C., which would rank as an outlier if it were considered a state, follows closely behind with an average millennial student debt of over $53,000. In contrast, Wyoming has the lowest average debt among all states at $25,683, indicating that large densely populated areas typically have higher amounts due to their demand for postgraduate degrees. New York ($37,173), Illinois ($35,976) and Virginia ($35,846) round out the top five states with the highest student debt among millennials, as detailed in Education Data Initiative’s Student Debt by Generation 2023 data. The findings come amidst President Biden’s proposal to cancel at least some debt for more than 30 million borrowers in the United States that has been in development since his previous attempt was rejected by the Supreme Court last year, with costs estimated around $400 billion and potential cancellation of student debts for over 40 million individuals. In a recent Axios survey involving students from both political spectra, an overwhelming majority (89% Democrats; 81% Republicans) agreed that more relief options should be offered by the government to help with debt repayment.