Michigan ranks 7th in most student debt
A WalletHub study finds Ohio has the most student debt in the nation, and Michigan ranks in the top 10
Michigan ranks 7th among states with the most student debt in the United States, according to a WalletHub study released Wednesday.
Ohio tops the list of most student debt, followed by Mississippi, Pennsylvania and West Virginia. Hawaii has the least student debt. The study evaluated average student debt among 25 to 34 year olds, as well as past-due loan balances, in the 50 states and District of Columbia.
In the category of highest average student debt, New Hampshire tops the list, while Michigan lands at No. 12. Michigan also ranks 17th in highest proportion of students with debt. New Hampshire, again, ranks No. 1 on that list.
Total student loan debt in the U.S. stands at $1.34 trillion. WalletHub reports that 11 percent of all student debts are in delinquency or default as of the first quarter this year. Michigan falls in the middle compared to other states, as the study ranked Michigan No. 21 in terms of the percent of student loans past due or in default.
The number of Americans in default on their loans has jumped nearly 17 percent from last year, according to a 2017 Consumer Federation of America analysis. At the end of 2016, there were 4.2 million Federal Direct Loan borrowers in default who had not made a payment in over 270 days.
States with the most student loan debt:
- West Virginia
- New Hampshire
- South Dakota