CLARKSBURG, W.Va. – With the 2020 presidential election approaching and candidates supporting student loan cancellation, WalletHub released a report on states with the most and least student loan debt.
West Virginia is ranked 3rd with having the most student loan debt in the United States.
In order to determine the best and worst states for student debt, WalletHub compared the 50 states and the District of Columbia across two key dimensions, Student-Loan Indebtedness and Grant & Student Work Opportunities.
Student Debt in West Virginia (1=Most; 25=Avg.)
- 30th – Avg. Student Debt
- 1st – Proportion of Students with Debt
- 7th – Student Debt as % of Income (Adjusted for Cost of Living)
- 2nd – Unemployment Rate of Population Aged 25 to 34
- 2nd – % of Student Loans Past Due or in Default
- 8th – Availability of Student Jobs
- 25th – Grant Growth
According to the Federal Reserve Bank of New York, at the end of the first quarter of 2018, total outstanding college-loan balances disclosed on credit reports stood at $1.49 trillion.
If you’re looking into taking out loans for school, WalletHub created a Student Loan Calculator for tips on payment plans and loan advice.
According to WalletHub’s panel of experts, a common mistake students make when taking out loans is not fully understanding the terms of the loan. It’s important for students to educate themselves on the loan before agreeing to pay it back.
Students should reach out to the lender or financial advisor before agreeing to the terms of the loan. Asking questions is a key step before borrowing and repayment.