The Class of 2020 at Pennsylvania’s colleges and universities carried the third-highest level of student debt nationwide, according to the recently released 16th annual report by The Institute for College Access & Success (TICAS).

Patty Tascarella peered into that financial hole for the Philadelphia Business Journal.

The TICAS report provides an overview of debt for bachelor’s degree graduates of both public and nonprofit colleges and universities.

The average debt for the 2020 Keystone State graduates was $39,375.

Pennsylvania also ranked fifth based on the percentage of students who graduated with debt. That figure was 64 percent.

Among the nation’s ten most populous states, Pennsylvania had the highest share of private student borrowing. Twenty-two percent of the Class of 2020 graduated with private loans, with an average debt of $42,450. Meanwhile, the national average was $30,800.

By dollars owed, Pennsylvania ranked No. 8.

“Not only do students at public colleges in Pennsylvania receive fewer grants per capita than their peers nationwide, but they also face over 50 percent more in tuition and fees — $15,500 vs. $9,700 — and over 20 percent more — $32,550 vs. $26,600 — in total cost of attendance,” said the report.

Read more about student debt in the Philadelphia Business Journal.