Student loans account for the majority of household debt in the U.S. A recent analysis showed that Utah has the least amount of student debt nationwide.
This means that the younger population in the state has a better chance of buying a house than their counterparts in other states. If you’re already close to repaying your student debt, a cash loan from Utah Money Center may be a good option to settle it once and for all.
States with the Biggest Loans
South Dakota ranked as the state with the highest student debt, according to the analysis. According to the Federal Reserve Bank of New York, this may account for a significant share of balances, which reached $1.41 trillion as of the first quarter of 2018.
West Virginia, Pennsylvania, New Hampshire, and Ohio completed the list of states with the biggest amount of student debt. The analysis generated its rankings by looking at the ratio of students with credits, the rate of unemployment among people between 25 and 34 years old, the percent of past-due balances, and the number of borrowers between 50 years old and above.
The risk of default on student loans could be higher than auto or credit card debt, given that the former already accounts for the most significant share of household debt.
The increasingly tricky payment terms mean that at least 40% would be unable to pay off their loans in 2023. By that time, many would have already missed payments for almost a year.
Utah may have the smallest amount of student debt, but that doesn’t mean that the risk of default is nonexistent. Those with remaining balances should consider how to pay their loans. Neglecting to pay them will hurt their chances of securing other forms of debt in the future.