How big is the student debt problem? Some say the impact of student loan debt on the economy is similar to that of a recession, reducing business growth and reducing consumer spending.
Others argue that the benefits of a college education outweigh the burdens of loans. The average bachelor’s degree holder earns up to $33,000 more annually than a high school diploma holder, according to the Education Data Initiative.
At the end of the first quarter of 2022, outstanding college loan balances totaled nearly $1.61 trillion, according to the Department of Education.
Now, as many as 43 million borrowers have been granted some student debt relief, totaling between $360 billion and $427 billion, according to a range of estimates.
It is cheaper to attend college in some states than others, and this certainly affects the debts that students take on.
For in-state residents, California tuition and fees are cheaper, at $3,161 for the 2021-22 school year. For out-of-state residents, Mississippi is the cheapest, at $7,862, according to the National Center for Education Statistics. Vermont is the most expensive in all areas for in-state, out-of-state, and private schools.
The Institute for Access to Colleges and Statistics found that the states with the largest average loan debt per student after graduation were New Hampshire ($39,928), Delaware ($39,705), Pennsylvania ($39,375), New Hampshire and Pennsylvania among the most expensive states in State lecture.
To find the states with the most and least student debt, personal finance site WalletHub compared all 50 states and the District of Columbia based on 11 key measures of indebtedness and earning opportunity. The data set ranges from average student debt to unemployment rate among the 25-34-year-old population to student participation with delinquent loan balances.
countries with the aboveRate Among the student debts are South Dakota, New Hampshire, West Virginia, and North Dakota. countries with lowest percentage These are Utah, Hawaii, and New Mexico.
It remains to be seen which countries will benefit most from the latest tolerance scheme.
Here are all 50 states and DC, ranked by most lowest student debt.
1. West Virginia
Student loan indebtedness rank: 2
Student Scholarship Rank: 8
In these ratings, 1 represents the worst conditions for that category of scales.
West Virginia also has the third highest rate of student debt as a percentage of income (adjusted for cost of living).
2. Pennsylvania
Student loan debt rating: 4
Student Scholarship Rank: 2
3. South Dakota
Student loan indebtedness score: 3
Scholarship Rank and Student Employment Opportunities: 28
4. New Hampshire
Student loan indebtedness rank: 1
Student Scholarship Rank: 48
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5. Mississippi
Student loan indebtedness rate: 5
Scholarship Rank and Student Employment Opportunities: 21
Mississippi also has the highest rate of student debt as a percentage of income (adjusted for cost of living.)
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6. Delaware
Student loan indebtedness rate: 6
Scholarships and Student Employment Rank: 30
7. Kentucky
Student loan indebtedness rank: 10
Student Scholarship Rank: 11
8. Rhode Island
Student loan indebtedness score: 7
Student scholarship and job rank: 47
Rhode Island falls into the category of states with high student debt and low home ownership for people aged 25 to 34.
9. South Carolina
Student loan indebtedness rate: 11
Student Scholarship Rank: 16
10. North Dakota
Student loan debt rating: 8
Student scholarship and job rank: 41
Although North Dakota has among the highest rates of student debt, it also has one of the lowest unemployment rates for people ages 25 to 34.
11. New Jersey
Student loan indebtedness rate: 15
Student Scholarship Rank: 18
New Jersey falls in the category of states with high student debt and low home ownership for people aged 25 to 34.
12. Connecticut
Student loan indebtedness rate: 13
Scholarships and Student Employment Rank: 26
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13. Ohio
Student loan indebtedness rate: 17
Student Scholarship Rank: 14
In the WalletHub study, Ohio falls into the category of states with high student debt and low home ownership for people ages 25 to 34.
14. Wisconsin
Student loan indebtedness rank: 16
Scholarships and Student Employment Rank: 20
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15. Minnesota
Student loan debt rating: 9
Student Scholarship Rank: 50
Minnesota ranks among the five states with the highest percentage of highly indebted students.
16. Iowa
Student loan debt rating: 12
Scholarship Rank and Student Employment Opportunities: 37
Iowa has one of the lowest unemployment rates for people between the ages of 25 and 34.
17. Michigan
Student loan indebtedness rank: 19
Student Scholarship Rank: 9
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18. Min
Student loan debt rating: 14
Scholarships and job rank for students: 49
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19. Kansas
Student loan indebtedness rate: 18
Student Scholarship Rank: 33
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20. Alabama
Student loan debt rating: 21
Student Scholarship Rank: 17
Alabama has the second highest rate of student debt as a percentage of income, after Mississippi.
21. Indiana
Student loan indebtedness rank: 22
Student Scholarship Rank: 23
Indiana has one of the lowest unemployment rates for people between the ages of 25 and 34.
22. Oklahoma
Student loan debt rating: 24
Student Scholarship Rank: 5
23- Georgia
Student loan debt rating: 23
Scholarships and Student Employment Rank: 19
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24. Missouri
Student loan indebtedness rate: 20
Scholarship Rank and Student Employment Opportunity: 36
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25. Louisiana
Student loan debt rating: 31
Student Scholarship Rank: 3
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26. North Carolina
Student loan debt rating: 28
Scholarships and Student Employment Rank: 10
27. Tennessee
Student loan indebtedness rate: 27
Student scholarship and job rank: 22
28. Texas
Student loan debt rating: 34
Student Scholarship Rank: 4
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29. Arkansas
Student loan debt rating: 29
Scholarships and Student Employment Rank: 24
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30. Illinois
Student loan debt rating: 26
Student scholarship and job rank: 39
31. Nebraska
Student loan debt rating: 25
Scholarships and Student Employment Rank: 42
Nebraska has one of the lowest unemployment rates for people ages 25 to 34.
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32. Vermont
Student loan indebtedness rank: 32
Student scholarship and job rank: 45
33. Virginia
Student loan indebtedness rate: 30
Scholarship Rank and Student Employment Opportunities: 46
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34. Massachusetts
Student loan debt rating: 33
Student scholarship and job rank: 43
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35. Maryland
Student loan indebtedness rate: 35
Scholarships and Student Employment Rank: 40
Maryland has the highest unemployment rate of all 50 states for people ages 25 to 34.
36- New York
Student loan indebtedness rank: 38
Student Scholarship Rank: 15
37. Idaho
Student loan indebtedness rank: 36
Scholarship Rank and Student Employment Opportunities: 38
Idaho falls into the category of low student debt and a high home ownership rate for people aged 25 to 34.
38- Hawaii
Student loan indebtedness rate: 40
Student Scholarship Rank: 6
Hawaii has the second lowest rate of student debt as a percentage of income (adjusted for cost of living.)
39- Montana
Student loan indebtedness score: 37
Scholarships and Student Employment Rank: 44
Montana has one of the lowest unemployment rates for people between the ages of 25 and 34.
40. Oregon
Student loan debt rating: 41
Scholarships and Student Employment Rank: 12
41. Arizona
Student loan debt rating: 39
Scholarships and Student Employment Rank: 29
42- Nevada
Student loan indebtedness rate: 45
Scholarships and Student Employment Rank: 1
Nevada is among the six states with the lowest percentage of student debtors.
43- Alaska
Student loan debt rating: 43
Student Scholarship Rank: 25
44. Colorado
Student loan indebtedness rank: 42
Scholarships and Student Employment Rank: 34
45- Wyoming
Student loan indebtedness rank: 44
Scholarship Rank and Student Employment Opportunities: 27
Wyoming is one of a few states, along with Montana, Vermont, Nebraska, and Utah, with both low student debt and a high homeownership rate for people ages 25 to 34.
46. Florida
Student loan indebtedness rate: 46
Student Scholarship Rank: 13
47- New Mexico
Student loan debt rating: 48
Student scholarship and job rank: 32
48- Washington
Student loan debt rating: 47
Student scholarship and job rank: 35
49. California
Student loan debt rating: 49
Student Scholarship Rank: 7
California is among the five states with the lowest rate of student debt as a percentage of income, as well as among the lowest percentage of debt-burdened students.
50. District of Columbia
Student loan indebtedness rate: 50
Student Scholarship Rank: 51
The capital also has the lowest student debt rate as a percentage of income (adjusted for cost of living.)
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51. Utah
Student loan indebtedness rank: 51
Scholarships and Student Employment Rank: 31
Besides being the state with the lowest student loan indebtedness, Utah also has the third lowest rate of student debt percent of income (adjusted to cost of living). Utah also has the lowest unemployment rate of all 50 states for people ages 25 to 34. It’s also among the five states with the lowest percentage of student loan balances that are past due or are in default.
Find more information about this study at WalletHub.com.
