OCALA, FL (352today.com) – School is back in session in North Central Florida and the cost of tuition is on the minds of parents and students alike. According to Scholaroo – a financial research firm – between 25% and 50% of college tuition costs are covered by student loans, and over 50% of borrowers have debt between $10k and $60k.
Based on published tuition prices, the estimated current cost of a four-year bachelor’s degree and living expenses at the University of Florida are expected to be $85,724, assuming graduation in normal time. The estimation assumes a 7% annual increase over the next four years which is the national trend.
The government recently announced $39 billion in student loan forgiveness for borrowers. To further examine the scenario, Scholaroo conducted an analysis projecting the average amount of debt forgiveness each state is expected to receive based on the number of eligible borrowers in each one.
Based on the projection, Georgia, Maryland, and Louisiana are expected to have the highest average federal student debt forgiveness for borrowers, reaching an estimated amount of $54,774 per borrower. Here is the ranking of the 10 states that will have the highest amount of student debt forgiven per borrower:
PROJECTION OF STUDENT LOAN FORGIVENESS PER QUALIFIED BORROWER BY STATE:(Overall ranking in descent order, with #1 considered the highest.)
#1 Georgia $55,206#2 Maryland $54,824#3 Louisiana $54,292#4 Utah $53,807#5 Colorado $53,658#6 Hawaii $53,373#7 Florida $53,343#8 Alaska $52,990#9 South Carolina $52,370#10 Tennessee $51,143