Except for mortgages, student loans make up the largest component of household debt for Americans. And the amount of student loans in the nation continue to grow. At the end of the first quarter of 2018, total outstanding college-loan balances were $1.41 trillion, according to the Federal Reserve Bank of New York.
The good news is, Utah continues to have the lowest average student debt in the nation, according to a new study by WalletHub. In addition, Utah continues to have the lowest proportion of graduates with student debt.
One reason for the low student loan debt in the state, is that Utah has one of the lowest tuition rates for public four-year colleges and universities in the country. The Utah State Board of Regents, with support from the Governor and Utah Legislature, has worked to keep tuition as low as possible, so that higher education remains accessible to all Utahns. The Board of Regents’ Affordable Participation strategic objective aims to help increase the number of Utahns who decide to access, are prepared for, and succeed in higher education.