WalletHub Study: 2015’s Best and Worst States for Student Debt
From Wallet Hub August 4, 2015
With 11.1 percent of all student loans in delinquency or default and student loans continuing to be the largest non-housing debt for Americans, the leading personal finance website WalletHub conducted an in-depth analysis of 2015’s Best and Worst States for Student Debt.
In order to find which states produce the highest levels of student debt relative to the strength of their economies and residents’ income levels, WalletHub compared the 50 states and the District of Columbia across seven key metrics. Our data set ranges from the average student debt to the unemployment rate for people aged 25 to 34 to the percentage of students with past-due loan balances.
Hawaii Ranks 20th:
- 2nd lowest proportion of students with debt
- 2nd highest student debt as a percentage of income adjusted by cost of living
- Lowest percentage of student loan borrowers aged 50+
- 2nd lowest home ownership by people age 25-34 (Only DC is lower)
Best States for Student Debt |
|
Worst States for Student Debt |
|
1 |
Utah |
|
42 |
Oregon |
|
2 |
Wyoming |
|
43 |
West Virginia |
|
3 |
North Dakota |
|
44 |
Alabama |
|
4 |
Washington |
|
45 |
New York |
|
5 |
Nebraska |
|
46 |
South Carolina |
|
6 |
Virginia |
|
47 |
Georgia |
|
7 |
Wisconsin |
|
48 |
Maine |
|
8 |
Minnesota |
|
49 |
Connecticut |
|
9 |
Colorado |
|
50 |
Rhode Island |
|
10 |
South Dakota |
|
51 |
Mississippi |
Key Stats
- New Hampshire’s average student debt is twice as high as New Mexico’s.
- The proportion of students with debt in New Hampshire is two times higher than in Nevada.
- The student debt as a percentage of income in the District of Columbia is two times higher than in Wyoming.
- Mississippi’s unemployment rate for people aged 25 to 34 is four times as high as North Dakota’s.
- The percentage of student loans in past-due or default status in West Virginia is two times higher than in Wisconsin.
- The percentage of student-loan borrowers in past-due or default status in Mississippi is three times higher than in Vermont.
- The percentage of student-loan borrowers aged 50 or older in Vermont is three times higher than in Hawaii.
For the full report and to see where your state ranks, please visit: http://wallethub.com/edu/best-and-worst-states-for-student-debt/7520/
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