Student loans rank as the highest debt for Americans after housing mortgages, but students in some states do better than in others.
The cost of a college education continues to rise, and fewer and fewer families can afford it without having the students take out loans. Currently, 11.1 percent of students loans are in delinquency or default, according to WalletHub, a personal finance website.
WalletHub analyzed student loan debt in the 50 states and District of Columbia relative to the strength of the economy, residents’ income levels, the unemployment rate for people age 25 to 34, and the proportion of students with debt.
Following are the 10 states WalletHub considers the worst for student debt and some of the reasons they earned a poor ranking, with the worst listed last.
No. 10 Oregon
Students and former students have the fourth highest debt as compared to a percentage of income.
No. 9 West Virginia
Residents in West Virginia have the highest rate of student loans that are past due or in default.
No. 8 Alabama
Alabama has the second highest unemployment rate for those ages 25 to 34.
No. 7 New York
Residents have the third highest student debt as determined by percentage of income.
No. 6 South Carolina
South Carolina has a low rate of homeownership for people ages 25 to 34.
No. 5 Georgia
The unemployment rate is third highest for people ages 25 to 34.
No. 4 Maine
Maine has the sixth lowest rate of home ownership for people ages 25 to 34.
No. 3 Connecticut
Young people ages 25 to 34 have a low home ownership rate.
No. 2 Rhode Island
Rhode Island residents have the fourth highest amount of debt.
No. 1 Mississippi
Mississippi has the highest unemployment rate for people ages 25 to 34.