West Hollywood Among Cities With Highest Student-Loan Debt: Study

WEST HOLLYWOOD, CA — As more and more high school students go on to college, increasingly more of them are graduating with big student loans to repay. A new study found that West Hollywood is one of the US cities whose residents have the biggest student-loan debt.

According to the “U.S. Cities with the Highest & Lowest Student Debt Balances” report by LendEDU, which provided a detailed look at which U.S. cities owe the most and least in student loan debt, West Hollywood came in at 47th out of 500 cities that have the most student-loan debt.

The average student loan debt balance in West Hollywood is $44,108.20, according to the study.

Student loan debt is the second highest form of debt in the U.S., second only to mortgages. In 2017, there are 43.3 million student loan borrowers who collectively owe $1.41 trillion in outstanding student loan debt. Six out of 10 students will graduate from college with debt, according to the report. On average, these student will owe $28,400.

"For most, student loan payments have become another monthly expenditure that eats away at earnings, similar to a rent, electric, or water bill," the researchers said. "How big has the student loan debt crisis become? A few statistics can paint a pretty bleak picture."

LendEDU used data from Experian, a credit reporting agency, to compile the list. To be considered for the study, a town or city had to have a population above 15,000.

Are you a college grad, or the parent of one, juggling student-loan debt? Tell us about it in the comments.

Patch staffer Lanning Taliaferro contributed to the report. Photo via Pixabay