Pennsylvania among the worst for student debt

Location, location, location are the three most important words in real estate — and in education. Indeed, where you live doesn’t just affect the value of your property, it also reflects the worth of your college degree, the same degree that may have put you in debt. And 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.
Pennsylvania ranks close to the bottom. Only two states, New Hampshire and Delaware, have higher average student debt. And Pennsylvania has among the highest proportion of students with debt, with only New Hampshire, Wisconsin, and Idaho with a higher proportion.
Save for mortgages, student loans constitute the largest component of household debt for Americans. And the collective debt keeps growing. At the end of the first quarter of 2016, total outstanding college-loan balances disclosed on credit reports stood at $1.26 trillion, according to the Federal Reserve Bank of New York. The latest figure represents an increase of $29 billion from the previous quarter and $72 billion from a year ago.
Despite the evidence that income potential rises and chances of joblessness decline with more schooling, many graduates entering the labor market are learning the hard way that a college degree can’t guarantee financial security. Post-college success depends on numerous factors, including where a graduate chooses to put down roots. Student-loan borrowers generally fare better in strong-economy states with low college-debt-to-income ratios.
To identify the best states for student-loan debtors, WalletHub’s analysts compared the 50 states and the District of Columbia based on nine key metrics. The data set ranges from “average student debt” to “unemployment rate for people aged 25 to 34” to “percentage of students with past-due loan balances.”
In addition, students considering borrowing money for college or are in danger of defaulting a Student Loan Calculator to determine the payment you can afford and how long it will take to pay off your student debt.
Source: WalletHub: http://bit.ly/2aXGP67.