How bad is student loan debt in your state? (map)
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If you have student debt these days, welcome to the club.
According to a survey by the Federal Reserve Bank of New York student loan debt in the U.S. has reached nearly $1 trillion, up $20 billion from last quarter. Excluding home loans, it now makes up a third of all consumer debt.
And it’s hitting young adults, who are already having trouble finding work, the hardest.
Students in some states are struggling more than others though.
Share of Consumers with Student Debt:
Across the country, an average 16.2 percent of consumers owe some amount of student debt. But if you look at the state level, the country is split along the Mason–Dixon line, with a higher percentage of the population owing money in northern states than southern states.
Overall, Hawaii claims the lowest share of consumers with student debt, just 12 percent. While a whopping 25 percent of the population in Washington, D.C. owes student loan money.
Average Student Debt Per Borrower:
Students around the nation’s capital also owe much more than others around the country. In the District of Columbia and neighboring Maryland, the average student is saddled with over $28,000 in debt.
Other states where students owe more are concentrated in the South and Northeast.
Percent of Delinquent Student Loans:
While the average student in the Northeast owes more, delinquency rates in the area are relatively low.
Around the rest of the country, the amount of delinquency varies significantly. Only 6.5 percent of South Dakota students have fallen behind on their loans, while a whopping 18 percent of West Virginia’s are 90 days late or more on a payment. And another 13 states have delinquency rates of 13 percent or more.
Maps can only tell us so much. What is your experience with student debt where you live? Share your story in the comment section below.