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Cities with the most and least student debt

Graduation Hat Stack of Money-g8c40cff3a_640College debts are one of the largest financial burdens for Americans. They make up the second highest type of household debt after mortgages, totaling a record $1.61 trillion. That’s about $37,000 per borrower.

High balances combined with a payoff timeline that lasts into middle age force many graduates to delay or give up other financial goals such as buying a home and saving for retirement. Paying back student loans has also become even more difficult due to the covid-19 pandemic, although the government allowed temporary halted payments on federal student loans through May 1, 2022.

While the country has a huge student-loan debt crisis, student-loan debts are more higher in some cities than others. To find out where borrowers are burdened the most, WalletHub, a personal-finance website, compared the median student-loan balance against the median earnings of adults aged 25 and older with a bachelor’s degree in more than 2,510 U.S. cities.

The top and bottom cities in its report, “Cities with the Most & Least Student Debt in 2022,” are shown below:

Cities with the highest student debt burden

Cities with the lowest student debt burden

Selma, Alabama

 

Vienna, Virginia

 

Ypsilanti, Michigan

 

Fremont, California

 

Avon Park, Florida

 

Menlo Park, California

 

Cordele, Georgia

 

Sammamish, Washington

 

Ridgeland, Mississippi

 

Milpitas, California

 

McComb, Mississippi

 

Gilroy, California

 

Orangeburg, South Carolina

 

Delano, California

 

Hattiesburg, Mississippi

 

Bronxville, New York

 

Ashland, Kentucky

 

Sunnyvale, California

 

Ithaca, New York

 

Coachella, California

 

Source: WalletHub

WalletHub also conducted a student money survey. It found:

  • 93 percent of students are concerned about the economy.
  • The No. 1 post-graduation fear among students is not finding a job, 36 percent, followed by student loan debt, 30 percent.
  • 20 percent of students think that a college education is less important due to the covid-19 pandemic.
  • 52 percent of students say their school isn’t doing enough to educate them about personal finance.
  • Having emergency savings, 44 percent, is the most important financial lesson students have learned from the pandemic, followed by not going into debt, 23 percent, and having a steady job, 22 percent.

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