The student debt burden in the U.S. has grown to a mammoth $1.5 trillion, which means repaying the debt is up their with retirement and health-care as a financial planning priority.
Some areas of the nation, however, have an easier time than others when it comes to dealing with student loans.
WalletHub has released a report that reveals the U.S. cities where residents carry the most and least student debt.
The report noted that three times as many students are graduating in 2019 with $50,000 or more in student loans than they did in 2000.
"With tuition rates and other college costs rising every year, many parents struggle to finance their children’s college education," the WalletHub report said. "As a result, many students take on debt or forgo post-secondary education altogether. Some places make it easier for college graduates to pay off their debt, while other cities make it harder."
To determine the 10 cities where college graduates have the best chance of paying off their student loan, WalletHub compared the median student loan balance against the median earnings of adults aged 25 and older with a bachelor’s degree in each of 2,510 U.S. cities.
The following, in ascending order, are the 10 cities were holders of student loans are in the best shape:
10. Bronxville, N.Y.
There is an 18.7 percent ratio between the median student debt of $23,051 and the median earnings of $123,500 for college graduates with a bachelor’s degree.
