Maine Debt Statistics


Steve Goldstein
Steve Goldstein
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Maine Debt Statistics 2023: Facts about Debt in Maine reflect the current socio-economic condition of the state.

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LLCBuddy editorial team did hours of research, collected all important statistics on Maine Debt, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Maine LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Maine Debt Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any word.

Top Maine Debt Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Maine Debt Statistics on this page 🙂

Maine Debt “Latest” Statistics

  • Maine’s indebted borrowers have a lower average student loan balance with a student loan debt of $6.2 billion and average student loan debt of $33,137.[1]
  • According to Education Initiative Data, 13.7% of Maine residents have student loan debt.[1]
  • According to the Institute of College Access and Success, the Maine people has an average debt of $32,764 with a percentage of 63%.[2]
  • The average credit card amount for inhabitants of Maine is $6,074, while 56% of Mainers have student loan debt totaling $31,364 in value.[3]
  • According to Pew, research on debt collection lawsuits from 2010 to 2019 has shown that less than 10% of defendants have counsel, compared with nearly all plaintiffs.[4]
  • Over the past decade in the jurisdictions, courts have resolved more than 70% of debt collection lawsuits with default judgments for the plaintiff.[4]
  • At University of Maine, the total cost is $26,760 for in-state students and $48,360 for out-of-state students.[5]

Maine Debt “Other” Statistics

  • At University of Maine, the median federal loan debt among borrowers who completed their undergraduate degree is $25,127.[5]
  • In Maine, 55.5% of individual who incurred student loans are under the age of 35.[1]
  • According to UMA, 72% graduated with loan debt (includes only debt accrued at UMA).[6]
  • Debt collection lawsuits occupied an increasing percentage of civil dockets from an estimated 1 in 9 civil cases to 1 in 4 from 1993 to 2013, more than doubling from less than 1.7 million to nearly 4 million.[4]
  • The average Mainer has $3,530 in personal debt, plus $136,963 of mortgage debt for homeowners.[3]
  • According to USN, the median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $251.[5]
  • According to USN, 26% of graduating students at University of Maine took out private loans.[5]
  • Students with private loans had an average of $35,648 in private loan debt at graduation.[5]

Also Read

How Useful is Maine Debt

Maine, like many other states, relies on borrowing to fund projects that are unable to be financed through current revenue streams. This can include investments in new roads, bridges, schools, and other infrastructure projects that are vital to the state’s economy and quality of life. By taking on debt, Maine can spread the cost of these projects over time, allowing for essential services to be provided without burdening taxpayers with the full cost upfront.

Additionally, debt can also be used to foster economic development and job growth within the state. By investing in programs that support small businesses, workforce development, and job training initiatives, Maine can help to create a more vibrant and resilient economy. These investments can help to attract new businesses, retain existing ones, and provide opportunities for residents to build successful careers and strengthen their communities.

Moreover, debt can play a crucial role in supporting social programs that benefit the most vulnerable members of society. From healthcare to education to affordable housing, debt can ensure that critical services are provided to those in need, even during times of economic uncertainty. By responsibly managing debt, Maine can uphold its commitment to providing a safety net for its residents and promoting equity and opportunity for all.

Of course, it is essential for Maine to approach debt with caution and prudence. Too much debt can strain the state’s finances and lead to higher interest payments, reducing the resources available for essential services and investments. Therefore, it is crucial for Maine to carefully evaluate the costs and benefits of taking on debt, ensuring that each borrowing decision is well-thought-out and aligns with the state’s long-term priorities.

In conclusion, Maine debt can be a valuable tool for achieving important goals and investments that benefit the state and its residents. By utilizing debt responsibly and strategically, Maine can support critical infrastructure, economic development, and social programs that strengthen its communities and promote a brighter future for all. It is essential for policymakers and stakeholders to work together to ensure that debt is managed wisely and effectively, for the benefit of present and future generations.

Reference

  1. educationdata – https://educationdata.org/student-loan-debt-by-state
  2. ticas – https://ticas.org/interactive-map/
  3. mycreditsummit – https://www.mycreditsummit.com/debt-consolidation/maine/
  4. pewtrusts – https://www.pewtrusts.org/en/research-and-analysis/reports/2020/05/how-debt-collectors-are-transforming-the-business-of-state-courts
  5. usnews – https://www.usnews.com/best-colleges/university-of-maine-2053/paying
  6. uma – https://www.uma.edu/about/student-consumer-information/student-facts/

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