States With the Highest Student Debt As Federal Loan Deadline Looms: Map
Summary
Millions of Americans with federal student loans face important deadlines to change their repayment plans as the current ones end. A WalletHub analysis shows wide differences in student debt and job opportunities across U.S. states, with Mississippi having the largest student debt burden.Key Facts
- Mississippi has the highest student debt problem, with borrowers owing more than 54% of the state’s median income.
- Delaware, Pennsylvania, South Carolina, and West Virginia also have high student debt burdens.
- States like Utah, Hawaii, California, Washington, and New Mexico have the lowest student debt problems.
- Job availability for student borrowers is a factor; Mississippi has poor job availability and low paid internships.
- Mississippi has the highest student loan default rate in the country.
- Nearly 7.5 million borrowers in the federal SAVE repayment plan must choose a new plan by their deadline or be auto-enrolled in plans that may have higher payments.
- The deadline varies by borrower, starting as early as September 29, based on when notices were sent.
- Student loan debt affects borrowers’ ability to save, invest, buy homes, and make major financial decisions.
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