{"id":134041,"date":"2023-08-19T15:39:05","date_gmt":"2023-08-19T15:39:05","guid":{"rendered":"https:\/\/fin2me.com\/?p=134041"},"modified":"2023-08-19T15:39:05","modified_gmt":"2023-08-19T15:39:05","slug":"states-with-the-most-student-loan-debt","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/states-with-the-most-student-loan-debt\/","title":{"rendered":"States With the Most Student Loan Debt"},"content":{"rendered":"

Around 800,000 people with student loans in the United States will be notified of debt relief by the U.S. government this week, <\/span>the White House<\/span> announced on Monday Aug. 14.\u00a0<\/span><\/p>\n

According to the Biden administration’s statement, more than 614,000 borrowers will have their remaining debt completely canceled. The action — affecting approximately 1.8% of the nation’s <\/span>43.6 million<\/span> people with student loan debt — addresses administrative failures that meant hundreds of thousands of borrowers were excluded from debt forgiveness under Income-Driven Repayment plans.<\/span><\/p>\n

To add geographical context to the move by the federal government, 24\/7 Wall St. reviewed data on state-level student debt from a report released July 6, 2023 by <\/span>Chamber of Commerce<\/span>, a product research company for real estate agents and entrepreneurs.\u00a0<\/span><\/p>\n

The average federal student loan debt balance is $37,717, while the total average balance (including private loan debt) may be as high as $40,505. (Also see, <\/span>as debt skyrockets here is the total credit card debt in America each year since 1986<\/span>.)<\/span><\/p>\n

Because of the recent history of skyrocketing college debt, and the life-long attachment of such debt to individuals, young people bear the brunt of the nation’s student debt problem. Borrowers under 40 years old together owe nearly $900 billion, or 55% of all student loan debt.\u00a0<\/span><\/p>\n

However, millions of older Americans are still paying off sizable student debts. Looking at average debt by age cohort at the state level, 50- to 61-year-old borrowers hold the largest average debt in 28 states.\u00a0<\/span><\/p>\n

Some opponents of debt cancellation have argued such programs would disproportionately benefit mostly white, high-income individuals, who are on the whole more likely to have a college degree. However, taking other salient factors such as the debt-to-income ratio into account reveals debt cancellation provides the most relief to non-white as well as low-income Americans with student debt. (Here are <\/span>30 college majors which actually pay more for Black versus white graduates<\/span>.)<\/span><\/p>\n

Economic and social policy think tank the <\/span>Roosevelt Institute<\/span> explains that \u201cstudent debt cancellation — at all proposed levels — is progressive; it would provide more benefits to those with fewer economic resources and could play a critical role in addressing the racial wealth gap and building the Black middle class. The reason for this progressivity is simple: People from wealthy backgrounds (and their parents) rarely use student loans to pay for college.\u201d<\/span><\/p>\n

Click here to see states with the most student loan debt.<\/strong><\/span><\/p>\n

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Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Around 800,000 people with student loans in the United States will be notified of debt relief by the U.S. government this week, the White House […]<\/p>\n","protected":false},"author":3,"featured_media":134040,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nStates With the Most Student Loan Debt - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/states-with-the-most-student-loan-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"States With the Most Student Loan Debt - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Around 800,000 people with student loans in the United States will be notified of debt relief by the U.S. government this week, the White House [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/states-with-the-most-student-loan-debt\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-19T15:39:05+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2023\/08\/States-With-the-Most-Student-Loan-Debt.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/states-with-the-most-student-loan-debt\/\",\"url\":\"https:\/\/fin2me.com\/business\/states-with-the-most-student-loan-debt\/\",\"name\":\"States With the Most Student Loan Debt - 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