Where you go to college and what major you pick can have huge financial consequences, but where you live after graduating can also have a big impact on how much your diploma is worth — and how well you can handle your student debt.
How likely are you to land a good paying job? How high will your living expenses be? The answers to those questions and others like them go a long way to determining how burdensome those monthly student loans payments are.
To ensure your loan doesn’t break you, experts suggest that your payment should not exceed 8 to 10 percent of your monthly income.
Unsurprisingly, the personal finance website WalletHub says, “Student-loan borrowers will fare better in states that produce a combination of lower college-related debt levels, stronger economies and higher incomes.”
To find those states, WalletHub looked at seven metrics, with special emphasis given to student debt as a percentage of average income, the local unemployment rate for people aged 25 to 34 and the percentage of borrowers aged 50 or older. Here are the 10 best and worst states for student debt. You can click on your state on the map below to see where it ranks.
10 Best States for Student Debt
- North Dakota
- South Dakota
10 Worst States for Student Debt
- Rhode Island
- South Carolina
- New York
- West Virginia
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