As the 2020 presidential election draws nearer, one of the hot-button issues for candidates is student debt. Some democratic contenders, such as Bernie Sanders and Elizabeth Warren, support the cancellation of debts. Other candidates have offered plans including refinancing options, higher grants and free community college education.
It’s not surprising that student debt has become such a high-profile talking point. After all, 10.9 percent of all student-loan debts 90+ days delinquent or in default as of Q1 2019. Save for mortgages, student loans make up the largest component of household debt for Americans. And our collective debt keeps growing. At the end of the first quarter of 2018, total outstanding college-loan balances disclosed on credit reports stood at $1.49 trillion, according to the Federal Reserve Bank of New York.
But not all states are equal when it comes to the burden of student loans. With student-loan debtors in mind, WalletHub compared the 50 states and the District of Columbia based on 12 key measures of indebtedness and earning opportunities. Our data set ranges from average student debt to unemployment rate among the population aged 25 to 34 to share of students with past-due loan balances. Read on for our findings, insight from a panel of researchers and a full description of our methodology.
Tip: If you’re considering borrowing money for college or are in danger of defaulting, we advise using a Student Loan Calculator to determine an affordable monthly payment and payoff timeline.
