Report: Average US student loan debt over $29K

(NEWSCHANNEL 3) - The average amount of student loan debt is now about equal to the down payment on a house.

According to the institute for college access and success, average debt for the class of 2012 is $29,400--a 10 percent interest from a year before.

South Dakota has the highest percentage of graduates with debt at 78 percent.

Nevada, at 41 percent has the lowest.

In Michigan, the average debt is nearly 29,000, making it the 10th highest in the U.S.

62 percent of graduates in the state have loan debt.

At Western Michigan University, average loan debt among graduates is nearly $31,000, more than the University of Michigan and Michigan State.