State with the most Student Loan Debt
An article came to my inbox today that caught my eye. The clickbait was “which state leads in student debt.” It worked. I immediately clicked it. I couldn’t help it. That sound like a data point I need to know.
Most of us are quite familiar with the student debt situation we currently face. “Total college-loan debt was at $1.6 Trillion at the end of quarter two of 2024”. That was the way this encouraging article started.
I am not sure it is getting better and may be getting worse as every year a new group of students enter college with no way to afford it other than signing up for the student loan. Simply not going to college is not really a viable option though it doesn’t come with the debt burden. College is still a highly correlated aspect of earning potential in this country so college still is essential.
But, back to the clickbait! I was curious about the idea of which state led the way and what factors contribute to the result. My initial thought was probably California (my home state) or New York where the cost of living and need for higher education make for a potentially high debt situation.
What state do you think it is?
Do you think you live in the top state?
Maybe you are thinking “I’m doing a pretty good job contributing to my state given my current student loan balance”
I was stunned by the list and actually my state of California finished in the bottom 5.
Mississippi was number one according to the measurements used. Followed by Pennsylvania, Delaware, West Virginia and South Carolina.
Many feel the burden of student debt but it is at this point I want to remind everyone that you are not alone and don’t have to go it alone. Especially if you are in Mississippi.
It has been a focal point of the political landscape with many feeling like what we did regarding higher education over the last 40 years was not good for citizens and needs to be rectified. There are many resources available including relief programs. There are also plenty of scams in the student debt space exacerbating the problem.
It seems strange to type this sentence but trust the government - government websites that is - on this one first before moving to private sector options. Just a simple suggestion as well as state resources - especially Mississippi.
Here is the link to the short article.
As always, if you come across a financially related article you’d like to send my way please do!
Best place to send them is to me.
More next time!
J