States with the Most and Least Student Debt
Student debt is currently at a whopping $1.62 trillion at the end of the second quarter of 2024.
Among Americans with college degrees, 20% still have outstanding student debt according to the Education Data Initiative, and 24% of those with postgraduate degrees still have student loans.
Which states have the highest levels of student debt overall and which have the least?
WalletHub, a financial information site, compared 50 states plus Washington, D.C., across two key dimensions. They assessed Student-Loan Indebtedness (weighted 85 points) and Grant & Student Work Opportunities (weighted 15 points) for those ages 25 to 34, using a 100-point scale.
MISSISSIPPI HAS HIGHEST STUDENT DEBT
Mississippi was the state with the most overall student debt in the country.
Student borrowers are struggling in Mississippi because they are having a hard time finding jobs, shared WalletHub, with the second-worst availability of jobs to students and the fourth-lowest share of paid internships.
Still, Mississippi had a relatively high number of grant and student work opportunities, landing in No. 11 overall. The state also had a high level of home ownership among adults ages 25-34, coming in at No. 20 of all ranked states.
PENNSYLVANIA HAS SECOND-HIGHEST DEBT
Next on the list at No. 2 is Pennsylvania.
The Keystone State has the third-highest average student debt, at over $39,000. In terms of grant and work opportunities, the state landed some lower than Mississippi at No. 21.
UTAH & HAWAI’I HAVE THE LOWEST DEBT
Utah was the winner in a sense, and landed at No. 51 with the overall lowest debt of all of the states. As for grants and student work opportunities, it appears there are many amid the beehives. Here, Utah came in at No. 12. Th state also ranked high on the home ownership scale as well, scoring No. 7.
Hawai’i was the state with the second-lowest student debt, at No. 50 overall. The state didn't score as highly in the Grant & Student Work Opportunities category, ranking No. 39. Hawai’i also produced fewer homeowners than most states, landing at No. 48.
DO HIGH STUDENT DEBT STATES REFLECT HIGH PERSONAL DEBT STATES?
Do the states with high levels of student debt align with the states with the highest levels of personal debt? It appears they don’t according to the World Population Review.
The states with the highest average personal debt are Colorado at $89,170, California at $84,730, Hawai’i at $82,650, Washington at $82,300, and Maryland at $80,130.
To access data across 50 states,
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