In a 10-year time span, total student loan debt in the United States jumped from $260 billion to $1.2 trillion last year.
During that same time, average individual student’s debt went from $18,650 to $33,000. But students in some states fare better than others.
WalletHub, a personal finance website, compared such things as student loan debt to the economies in each state and the District of Columbia, the number of jobs available to young people and the residents’ income levels and came up with the 10 states where students are burdened with the least debt.
Following are the 10 best states for student debt and some of the reasons they earned the ranking, listed in reverse order.
No. 10 South Dakota
South Dakotans have the third lowest unemployment rate for people ages 25 to 34.
No. 9 Colorado
Colorado ranked well for the number of jobs available and homeownership.
No. 8 Minnesota
Students and former students in Minnesota have the fourth lowest student debt load as a percentage of income.
No. 7 Wisconsin
Residents here have the lowest amount of student loan debts that are past due or in default.
No. 6 Virginia
Virginia ranked well in all categories.
No. 5 Nebraska
Nebraska has the fourth lowest unemployment rate for people ages 25 to 34.
No. 4 Washington
Washington ranked well in all categories.
No. 3 North Dakota
North Dakota has the lowest unemployment rate for 25- to 34-year-olds and the second lowest percent of people with past due or defaulted loans.
No. 2 Wyoming
Wyoming has the second lowest percentage of students with debt.
No. 1 Utah
Students and former students here have the second lowest debt as a percent of income.