As you may well know, student loan debt continues to be on the rise. The Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit found that student loan debt increased by $7 billion by the second quarter of 2014.
In addition, student loan balances listed on credit reports came out to a combined $1.12 trillion. Even worse, nearly 11% of all student loan debt is delinquent.
In light of this fact, personal finance website Wallet Hub recently conducted a study highlighting the best and worst states for student loan debt. Here’s a list of the 10 worst (the states were ranked from 1 to 50, with 1 being the best and 50 being the worst).
A state was labeled as one of the worst for student loan debt if residents had high average student debt, combined with a high unemployment rate and high default status. The study also measured the amount of borrowers who are 50 and older.
Top 10 Worst States for Student Loan Debt
- New York
- South Carolina
- Rhode Island