Average Student Debt Per Borrower Hits $40,000 Nationwide

Student debt continues to be a major financial burden for millions of Americans. Aside from mortgages, student loans represent one of the largest shares of household debt in the country, and the total continues to climb.

According to WalletHub, outstanding student loan balances exceeded $1.72 trillion at the end of the second quarter of 2026, according to the U.S. Department of Education. That works out to more than $40,000 per borrower among 42.6 million Americans.

But the student debt picture isn't the same in every state.

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How Do the Dakotas and Minnesota Compare?

WalletHub ranked all 50 states and the District of Columbia based on student debt and opportunities available to students and young workers.

Among states in the region, South Dakota ranked sixth, followed by North Dakota at 18th, Minnesota at 28th and Montana at 34th.

That means the four neighboring states landed in four different spots in WalletHub's overall ranking.

The rankings don't simply look at how much money borrowers owe. WalletHub also considers how student debt compares with income, how many students have debt and how many loans are past due or in default.

What Goes Into the Rankings?

WalletHub divided its analysis into two major categories: Student Loan Indebtedness and Grant & Student Work Opportunities.

Student loan indebtedness made up 85% of the overall ranking. The category included average student debt, the percentage of students with debt, student debt as a share of income, the percentage of loans past due or in default, participation in income driven repayment plans and the percentage of borrowers age 50 and older.

The remaining 15% focused on grant and work opportunities. That included unemployment among people ages 25 to 34, underemployment, availability of student jobs and paid internships, grant growth and whether a state has a student loan ombudsman law.

Each metric was scored on a 100 point scale, with the state experiencing the most student debt receiving the highest score for that particular measure. WalletHub then calculated a weighted average to determine each state's overall ranking.

For North Dakota, the No. 18 ranking puts the state between South Dakota and Minnesota in the regional comparison, offering another look at how the student debt burden varies across the Upper Midwest.

20 Ways To Save Money Now In North Dakota

Who says saving money has to be boring? From brewing your own coffee to hunting for treasure at thrift stores, there are plenty of clever (and sometimes silly) ways to stretch your dollars. Our photo gallery takes you on a visual tour of simple tricks that add up—packing lunches that won’t mysteriously disappear in your office fridge, turning off lights without starting a household argument, and even planting a backyard garden that might just make your neighbors jealous. Each tip comes with a picture to inspire you, make you smile, and prove that saving money can be both practical and fun. Your wallet—and maybe your coffee mug—will thank you!

Gallery Credit: Scott Haugen