Student debt is a huge problem in America, especially in West Virginia. |
Save for mortgages, student loans make up the largest component of household debt for Americans. According to the Department of Education, the outstanding student loan debt totals $1.59 trillion. With about 42.9 million borrowers, thatâs an average of $37,000 per borrower.
But not all states are equal when it comes to the burden of student loans.
WalletHub compared the 50 states and the District of Columbia based on 11 key measures of indebtedness and earning opportunities. The data set ranges from average student debt to unemployment rate among the population aged 25 to 34 to share of students with past-due loan balances.
West Virginia was ranked number 1 for student loan debt, meaning that it has the worst student loan debt in the nation.
West Virginia was also in the top five for the highest proportions of debt, 3rd, the highest student debt percentage of income, 3rd, and the highest percent of student loan balances past due at number, 2nd.