Minnesota Ranks Fifth In The Nation For Student Debt
MINNEAPOLIS (AP) - A new report shows Minnesota ranks fifth in the nation for student debt and fourth for its proportion of students grappling with loans.
Seventy-Seven percent of the state's college students graduated last year with some amount of debt. An official at the Minnesota Office of Higher Education says the large amount of debt is partly caused by the state's high college participation rate. She says a U.S. Census survey from 2012 found Minnesota ranked second in the nation for the percentage of 25- to 44-year-olds who have earned a college degree.
A spokeswoman for the state agency says even though the overall amount of debt is high, there are very low default rates. She says that shows Minnesota graduates are able to pay back their student loans.