Are you living in Boston? According to Forbes, if you are the average student debt carrying Bostonian you have a student loan balance $11,382.67 larger than the average student debt carrying New Yorker. That’s because at $43,398.48, Boston is the U.S. metro-area with the highest average student loan debt. The average in New York is $32,015.81, ranking 21st.
Why is Boston so Far Ahead of New York?
How is that possible? Along with having large amounts of student loan debt, metropolitan areas are also know for having tons of universities – which correlates to a massive student population. Boston alone has around 35 universities and more than 250,000 students, including prestigious schools such as Harvard, MIT, and BC. Most of the cities with the highest averages also have thousands of young professionals who have not had sufficient time to pay off their student loans.
But why does Boston have roughly $11,000 more debt on average than New York? The poll accounted for all boroughs in the city of New York, and not just Manhattan, bringing the average debt down significantly.
If you are from Boston and have student loan debt, you may want to consider your Massachusetts student loan forgiveness options in this article: Massachusetts Student Loan Forgiveness Programs
Author: Dave Rathmanner
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