Wallethub’s Top Ten States With The Most Student Debt
A college diploma can open up plenty of opportunities, but it also comes with a bill that can linger for years.
Which states have the students with the highest debt this year? In a 2026 study written by Adam McCann, personal-finance company WalletHub compared all 50 states and Washington, D.C., to see where student borrowers face the most and least favorable conditions.
Analysts created 12 metrics across Student-Loan Indebtedness and Grant & Student Work Opportunities, with student-loan indebtedness accounting for 85% of each jurisdiction’s overall score.
The analysis considered factors including average student debt, the share of students with debt, debt relative to income, delinquency and default rates, employment and internship opportunities, and grant growth.
Top 10 States With the Most Student Debt
- Mississippi
- Delaware
- Pennsylvania
- South Carolina
- West Virginia
- South Dakota
- Ohio
- Louisiana
- Kentucky
- Georgia
Top 10 States With the Least Student Debt
- Utah
- Hawaii
- California
- Washington
- New Mexico
- Alaska
- Wyoming
- Colorado
- District of Columbia
- Oregon
It turns out that Mississippi is in the lead for the most student debt. According to WalletHub analyst Chip Lupo, the average amount owed by Mississippi residents with student debt equals more than 54% of the state’s median income. That’s the highest rate in the country.
“College keeps getting progressively more expensive, and so does borrowing money to attend,” Lupo says.
The other part of the picture is that this state has the third-worst availability of jobs for students and the second-lowest share of paid internships, making it harder for students to earn money while in school and potentially harder for graduates to manage their loans afterward.
Next up is Delaware, which ranks No. 2 overall and No. 1 for grant and student-work opportunities, while also ranking fourth for student-loan indebtedness. Pennsylvania ranks No. 3 overall and No. 2 for indebtedness, but just No. 30 for grant and student-work opportunities.
Experts interviewed by WalletHub say students should think about debt as part of the larger financial return on their education. Marybeth Gasman, Distinguished Professor at Rutgers University, recommends comparing the actual net price of colleges after scholarships and grants.
“Students should begin by comparing the actual net price of each college rather than the advertised tuition,” she says. “I would also recommend that students apply to a wide range of financial aid programs, consider attending a community college for the first two years, and seek paid internships or campus employment. The best advice I can offer is to only borrow the money that you need; don’t take out extra loans, as it will be very difficult to pay them back once you graduate.”
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