WalletHub: R.I. one of worst states for student debt

RHODE ISLAND has the fourth-highest average student debt in the nation, according to WalletHub's latest study. / COURTESY WALLETHUB
RHODE ISLAND has the fourth-highest average student debt in the nation, according to WalletHub's latest study. / COURTESY WALLETHUB

PROVIDENCE – Rhode Island is on the wrong end of the list of the best and worst states for student debt.
The Ocean State placed 37th overall on WalletHub’s latest ranking released Wednesday. It also had the fourth-highest average student debt in the nation.
However, it improved to fifth in the country for grant and work opportunities for students.
To come up with the ranking, the website looked at nine factors, including average student debt, unemployment rate for people aged 25 to 34 and percentage of students with past-due loan balances.
Based on that criteria, Utah topped the states and the District of Columbia for lowest average student debt at $18,921, which is 1.8 times lower than in Delaware, where the average is highest, $33,808.

Utah ranked No. 1 overall, while the District of Columbia had the worst ranking on the list.
The financial-services website said that with 11 percent of all student-loan debts in delinquency or default, “graduates need to be selective with where they apply their degrees.”
“New York City, for instance, might boast a high average salary for a certain profession, but the high cost of living could still outweigh the gains, leaving little to pay off student debt,” WalletHub said.
WalletHub said that at the end of the first quarter, total outstanding college-loan balances disclosed on credit reports stood at $1.26 trillion. The latest figure represents an increase of $72 billion from a year ago, the website said.

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