A WalletHub report reveals that student loan debt in the United States totals $1.66 trillion. The report assesses each state’s student debt situation based on factors like income, job availability, and cost of living.
• Most Debt: Mississippi has the highest student debt burden at 56% of the median income, totaling $17 billion. It ranks 14th for default rates and has limited job and paid internship opportunities.
• Comparison: California has $151.5 billion in debt but a higher average income, resulting in less income allocated to student loans.
• Debt per State: Following Mississippi, New Hampshire ($34,860), Pennsylvania ($36,120), Delaware ($38,856), and South Dakota ($31,171) are among states with high average debt.
• Least Debt States: Washington ($36,709), New Mexico ($34,246), California ($38,300), Utah ($33,872), and Hawaii ($38,929) have the lowest student loan averages.
• Tuition Costs: Rising student debt is attributed to doubling tuition costs over the past 20 years.
• Forgiveness Programs: The Biden administration's loan forgiveness program has helped over 5 million borrowers but only reduced national debt by 11%.
Overall, student loan debt varies significantly across states, influenced by income levels and job availability. The complexity of addressing this issue continues to challenge policymakers.
https://www.thecentersquare.com/national/article_ebd3da0e-fa27-4ec1-8c69-0578fdab6752.html
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