Not all states are equal when it comes to the burden of student loans. By one comparison, California students have the fourth lowest debt.

WalletHub used 12 key measures of indebtedness and earning opportunities. The data set ranged from the average student loan balance to the unemployment rate for 25- to 34-year-olds to the share of students with past-due loan balances.

While California was among only four states with the lowest student debt, not all states are equal when it comes to the burden of student loans.

Mississippi has the biggest student debt problem in the country. The average amount owed by people with student loan debt equals about 58% of the median income in the state, the highest rate in the U.S. In addition, Mississippi has the third-highest default rate on student debt.

Nationwide, total outstanding college-loan balances stood at nearly $1.62 trillion, according to the Department of Education. That comes out to an average of nearly $38,000 for each of the 43 million borrowers. (INT)

Story Date: August 6, 2024