WASHINGTON (CBSDC) – College graduates graduate with more than a degree — they graduate with a load of debt.

Students graduate with an average debt of $26,500, according to a new study by the Institute for College Access and Success.

The report showed that average debt varied from state to state with New Hampshire being the highest average at $32,450. Utah has the lowest average debt at $17,227. It showed data from both private and public colleges.

According to the New York Times, for-profit colleges were not included in this report because only 2 percent submitted the necessary data.

“Voluntarily reported data is all that we’ve got to shed light on how debt at graduation varies from school to school and year to year,” Matthew Reed, the primary author of the report, said in the report. “Twelve percent of the colleges that reported debt data for 2010 didn’t report for 2011, and virtually no for-profit colleges reported at all.”

The report also showed that 64 colleges had more than 90 percent of graduates in debt.

It also stated that the states in the Northeast and Midwest tend to have higher debt, while states in the West and South had lower debt.