The nationally recognized experts at the Suber Financial Group help those who are struggling under the burden of student loan debt achieve peace of mind, a better credit rating, and increased financial freedom.
There’s one thing that brings over 44 million Americans together — student debt. Today, Americans with student debt collectively hold nearly $1.5 trillion in student loans.
But not all states have the same levels of debt. WalletHub analyzed data from all 50 states and the District of Columbia in order to rank which states were most impacted by student loans.
They considered factors such as average student debt balance, the proportion of students with debt, the share of student loans in default as well as grant and student work opportunities in order to calculate a figure that represents how severely student debt affects each state.
High levels of student debt can impact states in several ways. Broadly, citizens with high levels of student debt are less able to invest in their local communities. For instance, Federal Reserve Board of Washington, D.C. found that an increase in student debt has led to a decrease in home ownership.
Check out the 10 states most impacted by student debt:
Source: WalletHub
10. Indiana
Total score: 56.73
Student loan indebtedness ranking: 10
Grant and student work opportunities ranking: 30
9. Iowa
Total score: 58.42
Student loan indebtedness ranking: 7
Grant and student work opportunities ranking: 36
8. Minnesota
Total score: 59.67
Student loan indebtedness ranking: 6
Grant and student work opportunities ranking: 42
7. Michigan
Total score: 60.02
Student loan indebtedness ranking: 9
Grant and student work opportunities ranking: 16
6. South Dakota
Total score: 62.35
Student loan indebtedness ranking: 1
Grant and student work opportunities ranking: 49
5. New Hampshire
Total score: 62.83
Student loan indebtedness ranking: 2
Grant and student work opportunities ranking: 39
4. West Virginia
Total score: 62.92
Student loan indebtedness ranking: 8
Grant and student work opportunities ranking: 1
3. Pennsylvania
Total score: 64.05
Student loan indebtedness ranking: 4
Grant and student work opportunities ranking: 19
2. Mississippi
Total score: 64.14
Student loan indebtedness ranking: 5
Grant and student work opportunities ranking: 5
1. Ohio
Total score: 64.25
Student loan indebtedness ranking: 3
Grant and student work opportunities ranking: 20
