Ohio ranks among worst states for student debt, according to recent study
COLUMBUS, Ohio (WCMH) – Ohio ranks among the states where residents are most burdened with student debt, according to a recent study.
To determine the best and worst states for student debt, the personal finance company WalletHub compared all 50 states and Washington, D.C., across 12 metrics, including the average student debt, proportion of students with debt, unemployment rate among those aged 25 to 34, and availability of student jobs.
The study, released in September, collected data from a variety of government agencies, nonprofit research organizations and private companies, such as the hiring platform Indeed.
Ohio ranked No. 10 among the worst states for student debt. The average amount of student debt represented about 42.01% of the state’s median income, marking the eight-highest rate in the country. The Buckeye State also saw the fifth-highest share of student loan borrowers aged 50 and older.
Mississippi was the state where residents were the most burdened with student debt, according to the study. The average Mississippi resident with student loan debt owes 56% of the state's median income -- the highest rate in the country. The Magnolia State also had the fourth-worst availability of jobs to students and the second-lowest share of paid internships.
The full top 10 included:
- Mississippi
- New Hampshire
- Pennsylvania
- Delaware
- South Dakota
- South Carolina
- Kentucky
- West Virginia
- New Jersey
- Ohio
Hawaii ranked as the best state for student debt, seeing the third-lowest proportion of students with debt, and the second-lowest amount of student debt as a percentage of the median income.
The Aloha State was followed by Utah, California, New Mexico, Washington State, Oregon, Colorado, Washington, D.C., Nevada and Alaska.
WalletHub’s full study can be found here.