Worst (and Best) States When it Comes to Student Debt
There are actually legitimate ways to pay off debt faster, or even get it forgiven.
Let's just rip the Band-Aid off the wound that is the problem of crippling student loan debt in the U.S.
South Dakota is the worst state in the country when it comes to student debt. Utah is the best.
In between are the rest of the 50 states and Washington D.C., ranked on things like how many students have the most actual debt, and how many opportunities there are for students to get jobs or grants to pay it off. That's according to a new report from Wallet Hub, which crunched the numbers. Click here to see how your state rated.
Wallet Hub says after mortgages, student loans are the largest component of household debt for Americans and it's growing. At the end of the first quarter of 2018, total outstanding college-loan balances disclosed on credit reports stood at $1.49 trillion, according to the Federal Reserve Bank of New York.
After mortgages, student loans make up the most household debt in the U.S.
So what's a debt-ridden student to do? We found some great resources on the Huffington Post . For example, something called an IDR, or Income Driven Repayment can literally lower your payment depending on how much money you make. There are loan repayment assistance programs (LRAPs) that can help get some or all of your debt forgiven (click here) . Taking a job in public service or serving in the military -- even asking your boss to help pay off your student loans are other options they suggest (click here) .
The other thing everyone can do about student debt is vote. The problem has become a hot-button issue in the 2020 presidential campaign. If this is an important issue to you, it only makes sense to study up on the candidates' positions and make your opinion -- whatever it is -- known at the ballot box.