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A new study has ranked Maryland second in the nation for the highest amount of student loan debt. The report, released by ChamberofCommerce.org, estimates that 808,600 student loan borrowers are in the state, with an average debt of $42,666 per borrower. Maryland’s total student loan debt is estimated to be around $34.5 billion.
The high cost of education has been a growing concern for students and families nationwide. As tuition costs continue to rise, many students are forced to take out loans to pay for their education, leaving them with significant debt after graduation.
Maryland’s ranking in the study highlights the need for increased efforts to address the student debt crisis and make higher education more affordable for all students.
Calls for Action to Address the Student Debt Crisis
The study has sparked renewed calls for action to address the student debt crisis. Many advocates are calling for increased higher education funding and policies to make college more affordable for low-income students.
“Maryland’s ranking in this study is a wake-up call,” said one education advocate. “We need to do more to make higher education accessible and affordable for all students, regardless of their financial circumstances.”
Maryland has taken some steps to address the student debt crisis, including offering loan forgiveness programs for teachers and other public servants. However, advocates say that more needs to be done to address the root causes of the problem and provide relief to struggling borrowers.
The study also highlights the need for increased financial literacy among students and families. Many students are not fully aware of the long-term implications of taking out student loans. They may not understand the repayment process or the impact of student debt on their credit scores and financial futures.
As the debate over student debt continues, many call for a comprehensive approach that addresses both the cost of higher education and the burden of student debt. They are urging policymakers to take action to make higher education more affordable and to provide relief to struggling borrowers to ensure that all students have the opportunity to pursue their dreams and achieve their full potential.