Michigan Is Drowning in Massive Student Loan Debt
Cancellation of student loan debt has been a hot political topic with several candidates calling for forgiveness. Michigan would love it.
This is one of those Top Ten lists you don't want to make. Student loan debt is crippling Michigan as we racked 9th overall in a study of the states with the most and least student debt. Personal finance website WalletHub compared the 50 states and the District of Columbia across 12 key metrics. The data set ranges from average student debt to unemployment rate among the population aged 25 to 34 to share of students with past-due loan balances.
Student Debt in Michigan (1=Most; 25=Avg.)
- 11th – Avg. Student Debt
- 20th – Proportion of Students with Debt
- 5th – Student Debt as % of Income (Adjusted for Cost of Living)
- 18th – Unemployment Rate of Population Aged 25 to 34
- 21st – % of Student Loans Past Due or in Default
- 21st – % of Student-Loan Borrowers Aged 50+
- 16th – Availability of Student Jobs
- 15th – Availability of Paid Internships
Averaging the rankings, Michigan ranks 9th overall on the list and could use some relief from the burden of student debt.