Florida college graduates are drowning in student loan debt, with the average borrower owing nearly $40,000, according to a new study.
The research from cryptocurrency exchange ChickX analyzed federal student aid data and found Florida ranks fourth highest in the country for student loan debt.
The average Florida borrower owes $39,574, which is more than $3,000 higher than the national average.
The Sunshine State has more than 2.7 million student loan borrowers, representing about 10% of the population. Together, they owe a staggering $108.1 billion in student loans.
"College is an investment that can pay great dividends, but it comes with a steep money sink that most students need to use loans to cover their costs," said Al Alof, CEO of ChickX.
"Depending on the type of loan taken out and how quickly graduates pay it back, the interest on these loans can accrue rapidly, which can result in borrowers paying back a lot more than what was initially taken out."
Alof cautioned prospective students to carefully consider their financial future before taking on debt.
"If you are planning to take out a loan to attend college, you should weigh up the likely amount of time it will take you to pay it back. This is because attending college just to attend can leave you stuck with student debt that you simply cannot afford to repay after graduating," Alof said.
Maryland, Georgia and Virginia topped the list ahead of Florida, while Wyoming and North Dakota had the lowest student loan debt in the country.
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