Study Says Washington Is Almost the Best for Low Student Debt

A new WalletHub study looked at student debt across the country, and Washington landed near the bottom of the list at 48th overall, which is a good thing.

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College isn't getting any cheaper, and for millions of Americans, paying for it means taking on student loans.

Where Washington Ranks in New Study About Student Loan Debt

WalletHub compared all 50 states and the District of Columbia using 12 different measures involving student debt and economic opportunity.

Washington ranked 46th for total average student debt and 42nd for the proportion of students with debt. That means students in Washington State have less student loan debt than all but 5 others (District of Columbia counts in the total of 51).

The state also ranked 47th for student debt as a percentage of income, after adjusting for the cost of living.

Those numbers help explain why Washington ended up 48th overall in the study.

Mississippi is the worst in the study, with the average percentage of people owing over 54% of the median income.

Here are some other numbers in the report that stand out.

Jobs and Student Loans in Washington State

Washington ranked 12th for the unemployment rate among people ages 25 to 34, which is not a good thing, and also ranked 18th for the availability of student jobs.

Those numbers show that right now, it is tough even to get a job in those age groups.

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The state ranked 34th for grant growth, another factor WalletHub included in its analysis. Washington also ranked 42nd for the percentage of student loans that are past due or in default.

Student Debt Is a Huge National Problem

Student loan debt nationwide has climbed above $1.7 trillion.

According to the report, about 42.6 million borrowers have more than $40,000 in student loan debt on average.

For Washington families maybe preparing to send a student to college, look closely at financial aid, grants, and work opportunities to try to minimize the amount you will have to repay after graduation.