While taxes and a high cost of living eat into a household's earnings, past debt obligations like student loans may take another significant chunk out of the budget before allocating disposable income on nice-to-haves like retirement savings and vacations. While student loans may help a household increase its lifetime earnings, the principal and interest on these loans may stick around for decades—in many cases, those who still have student loan debt into their 60s still have more than $40,000 to pay off.
With this in mind, SmartAsset ranked states based on the average student loan balance outstanding for borrowers. Loan balances by age—as well as the percentage of the state population with outstanding student loans—are also considered.
Total outstanding loan balances include principal and interest as of Sept. 30, 2024. Loan and borrower data comes from the Federal Student Loan Portfolio from the Federal Student Aid office. Population data for this SmartAsset study comes from the 1-Year American Community Survey (2023) from the U.S. Census Bureau.
This story was produced by SmartAsset and reviewed and distributed by Stacker.
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