GRAND RAPIDS, Mich. (WOOD) — Michigan is among the ten worst states for people with student loan debt, according to a newly released report from WalletHub.
The financial site compared the 50 states and District of Columbia in 10 key areas, including the average amount of student debt, ratio of residents with student debt, the percentage of student debt to income, and availability of jobs.
The Great Lakes state ranked sixth for the percentage of income that goes toward student debt, adjusted for cost of living. Michigan also ranked in the bottom half for average student debt (No. 12); proportion of students with debt (No. 17); student job availability (No. 14); unemployment rate among ages 25-34 (No. 18); percentage of student loans past due or in default (No. 21); and percentage of student loan borrowers older than 50 years old (No. 21.)
Ohio ranked the worst for student loan debt, followed by Mississippi, Pennsylvania, Wester Virginia, New Hampshire and South Dakota.
Hawaii was the best state for people with student loan debt.
WalletHub says student loans are the second largest household debt for Americans, after mortgages.