Is the impact of student debt different depending on the state you live in?
Credio, a personal finance website, wanted to see how the burden of student loan debt differs in each state. They ranked all 50 states according to student loan debt per capita and found the 10 states where students carry the largest burden of student debt. With this ranking, Credio also included the student loan debt delinquency rate, the state’s median income, and the percentage of the state’s residents that have a bachelor’s degree.
#10. New Jersey
Student Loan Debt per Capita: $5,200
Student Loan Debt Delinquency Rate: 8.95%
Percent of State Residents With a Bachelor’s Degree: 36.40%
State Median Income: $36,359
#9. New Hampshire
Student Loan Debt per Capita: $5,260
Student Loan Debt Delinquency Rate: 9.39%
Percent of State Residents With a Bachelor’s Degree: 34.40%
State Median Income: $33,821
#8. Colorado
Student Loan Debt per Capita: $5,300
Student Loan Debt Delinquency Rate: 10.21%
Percent of State Residents With a Bachelor’s Degree: 37.50%
State Median Income: $31,674
#7. New York
Student Loan Debt per Capita: $5,330
Student Loan Debt Delinquency Rate: 9.16%
Percent of State Residents With a Bachelor’s Degree: 33.70%
State Median Income: $32,829
#6. Pennsylvania
Student Loan Debt per Capita: $5,350
Student Loan Debt Delinquency Rate: 10.21%
Percent of State Residents With a Bachelor’s Degree: 28.10%
State Median Income: $28,912
#5. Ohio
Student Loan Debt per Capita: $5,510
Student Loan Debt Delinquency Rate: 12.30%
Percent of State Residents With a Bachelor’s Degree: 25.60%
State Median Income: $26,520
#4. Massachusetts
Student Loan Debt per Capita: $5,630
Student Loan Debt Delinquency Rate: 8.14%
Percent of State Residents With a Bachelor’s Degree: 40.00%
State Median Income: $36,441
#3. Maryland
Student Loan Debt per Capita: $5,670
Student Loan Debt Delinquency Rate: 10.53%
Percent of State Residents With a Bachelor’s Degree: 37.30%
State Median Income: $36,670
#2. Minnesota
Student Loan Debt per Capita: $5,730
Student Loan Debt Delinquency Rate: 8.54%
Percent of State Residents With a Bachelor’s Degree: 33.20%
State Median Income: $31,642
#1. Georgia
Student Loan Debt per Capita: $5,870
Student Loan Debt Delinquency Rate: 12.96%
Percent of State Residents With a Bachelor’s Degree: 28.30%
State Median Income: $25,427
There was a strong connection between states where graduates carry the most student debt and how educated states were. Seven of the 10 states (Massachusetts, Colorado, Maryland, New Jersey, New Hampshire, New York, and Minnesota) with the most student debt are also in Yahoo! News‘s top 10 list for highest-educated states. It makes sense: if more educated people live in a state, they’re more likely to have more people with student loan debt.
Ironically, despite college graduates in those states carrying the highest burden of student debt, five of those 10 states (Maryland, New Jersey, Massachusetts, New Hampshire, and Minnesota) are the richest states, according to Yahoo! Finance. That might be because those states with the most student debt are the highest educated as well, which usually leads to higher career earnings.
No correlation existed between the states with graduates carrying the most student debt and cost of living.
Student debt has continued to rise, according to Fortune, so expect the student loan debt per capita for all 50 states to increase over time.
