The Biden administration on Aug. 24 released plans to cancel up to $20,000 in student loan debt for individuals who earn less than $125,000 a year. While student loans make up a large component of household debt nationwide, the burden is more sustainable in some places than others.
In healthcare, medical residents and nursing school graduates may benefit from the new student debt relief, whereas fully trained, practicing physicians likely will not qualify. Find a deeper dive on what the Biden administration’s relief plan may mean to healthcare professionals here.
Below are the 15 states most and least affected by student loan debt, as ranked by Wallethub in August 2022. The personal finance website compared the 50 states and the District of Columbia based on 11 key measures of indebtedness and earning opportunities, including the average student debt, unemployment rate among the population aged 25 to 34, and share of students with past-due loan balances.
Find the ranking in full from Wallethub here.
States most burdened by student debt
1. West Virginia
2. Pennsylvania
3. South Dakota
4. New Hampshire
5. Mississippi
6. Delaware
7. Kentucky
8. Rhode Island
9. South Carolina
10. North Dakota
11. New Jersey
12. Connecticut
13. Ohio
14. Wisconsin
15. Minnesota
States least burdened by student debt
36. New York
37. Idaho
38. Hawaii
39. Montana
40. Oregon
41. Arizona
42. Nevada
43. Alaska
44. Colorado
45. Wyoming
46. Florida
47. New Mexico
48. Washington
49. California
50. District of Columbia
51. Utah