Look no more. It’s Utah, Wyoming, or North Dakota.
Perhaps none would be your first choice? Paul Schlegel wrote in the October, 2015 issue of Financial Advisor Magazine that some interesting metrics compiled by WalletHub showed that these three states offered student loan borrowers chance of getting out from under the burden of student loan debt with the least amount of damage.
WalletHub is a Washington, D.C. based financial information company and they came up with seven metrics to compare the 50 states. Those metrics included unemployment rates for people in the 25 to 34 age range, student debt as a percentage of income factoring in the cost of living, average student debt, as well as the percent of students with debt.
The idea from WalletHub is that students should fare better in states with stronger economies and higher incomes. When you couple that with lower student debt levels, it seems reasonable to look at those states. All of this was intended to highlight those states where the students have the best chance of reducing their debt levels the most quickly.
So, here’s the ranking of the states that are best for student debt for top to bottom: Utah, Wyoming, North Dakota, Washington, Nebraska, Virginia, Wisconsin, Minnesota, Colorado, and South Dakota.
And now for the ranking of the worst states for student debt: Oregon, West Virginia, Alabama, New York, South Carolina, Georgia, Maine, Connecticut, Rhode Island, and the worst is Mississippi.