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PHOENIX -- A new report shows that less than 55 percent of Arizona college graduates have student debt.

Based on data from, The Washington Post reported that Arizona ranks at the low end of the spectrum for student debt. Approximately 54 percent of 4-year graduates have an average debt of $20,299.

Nevada came in first with 41 percent of students, but the average debt was actually higher than Arizona's by $269.

New Mexico had the lowest average debt of $17,994, however, 61 percent of students had debt.

New Hampshire had both the highest percentage of student debt with 74 percent and the highest average debt of $32,698.

The high concentration of debt in the Northeast and Midwest was due "in part because of the higher proportion of pricey private schools."

Cost of living, financial aid and state policies are just some of the factors that go into determining or establishing college debt. Not surprisingly, lower income students, even those at state institutions, "tend to take out more loans to finance their education."

For a state-by-state analysis, click here.

Average Student Loan Debt,

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