Washington, D.C. has the highest balance of student loan debt in the country, according to a Tuesday report from business insurance research company, AdvisorSmith.
The study measured states based on the percentage of residents that have outstanding federal student loans. It also ranked states with the highest average student loan balances. In both categories, D.C. was found to lead the nation, with an average loan balance of $54,982 and 16 percent of its residents having unpaid student loan debt.
With 15 percent of their populations having unpaid loans, Ohio and Georgia follow D.C. in states with the greatest number of residents who have outstanding student debt. By comparison, Hawaii had the least amount of residents with outstanding federal student debt, with only 8 percent of its population having unpaid loans.
Maryland, Georgia, Virginia, and Florida have average loan balances that total upwards of $38,100, placing them in the top five on the list of states with the highest student debt. At $28,402, North Dakota had the lowest average student loan balance.
President Joe Biden recently asked Congress to cancel up to $10,000 in federal student debt per borrower.