Michigan ranks 44th among states for the average amount of debt owed by college kids who got four-year degrees in 2011 -- $26,951. New Mexico had the lowest amount of debt, $16,276; recent college graduates in New Hampshire had the highest, $32,385. Average annual student debt for Michigan college graduates has grown 5.3% since 2004, according to Michigan's Performance Tracker for Public Universities . The statistics were released by Business Leaders for Michigan earlier this month, which noted higher debt levels carried by students equate to less money for local economies in Michigan.
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