COLUMBUS, Ohio (WCMH) – A new analysis found that Ohio is among the top 10 states for student debt.
The national student loan debt balance stood at about $1.62 trillion at the end of the second quarter of 2024, according to the Department of Education. This calculates to an average of nearly $38,000 for each of the 42.8 million borrowers.
However, some states are more burdened with student debt than others. WalletHub, a personal finance company, compared all 50 states and the District of Columbia based on 12 key measures of indebtedness and earning opportunity.
Metrics include average student loan debt and the unemployment rate among 25- to 34-year-olds. The states were given an overall score on a scale of 100 – the higher the number, the worse the state’s student debt.
Ohio ranked in the top 10 states with the most student debt, coming in at No. 9, with a score of 55.42. The state with the most student debt was Mississippi (66.42), followed by Pennsylvania (61.25), Delaware (60.85), West Virginia (60) and South Carolina (58.28).
“College keeps getting progressively more expensive, and so does borrowing money to attend,” WalletHub analyst Cassandra Happe said. “Federal student loan interest rates are rising to a 12-year high for the upcoming academic year, so it’s important to plan carefully when borrowing.”
To minimize one’s student loan debt, Happe recommends attending college in a less expensive state and pursuing other avenues of funding such as financial aid and grants. The analyst advised students to carefully calculate how much they can afford before taking out a loan.
The states with the least student debt include Utah (20.33), Hawaii (26.69), Washington (26.92), California (27.70) and New Mexico (29.76).
