Money doesn't actually talk. We do.

College in Hawaii: Sunnier, Cheaper

According to a study released last week by the non-profit Project on Student Debt, Hawaii has the lowest student-loan debt levels in the country. The study, titled “Student Debt and the Class of 2006,” indicates that students attending colleges in Hawaii graduate with the lowest average debt in the nation: $11,758.

The only other state that comes close is Kentucky at $15,406. The state with the highest debt? New Mexico, where students graduate with an epic debt of $28,770. (Many schools did not provide complete data, but this survey of student debt is still one of the most comprehensive to date.)

So why does getting your college degree among palm trees and sandy beaches not cost as much? Well unlike, say, Washington, D.C. or New York, people who move to Hawaii tend to stay there and raise families. Their kids, therefore, pay cheaper in-state tuition at state schools. In-state tuition at University of Hawaii Hilo, for example, is $1,764. Compare that with the average tuition at a four-year private university (currently $22,287) and you can see why these students aren’t buried in debt like I am.

Another reason for the low debt figures: Since many students are locals, they often live with their families–that means no room and board tacked on to the tuition bill.

Robert Shireman, executive director of the Project on Student Debt, suggests that the low debt levels may also be due to higher income levels in Hawaii. According to the latest census data, Hawaii’s median household income is $53,123 compared with New Mexico’s $37,587.

So if you were looking for an excuse to move to Hawaii (”I’m doing it for the children”), there you go. Don’t forget to send us some macadamia nuts when you get there.

–Irina Aleksander