Connecticut Ranked 3rd Worst For Student Loan Debt

If you have student loan debt and you live in Connecticut, then we’ve got some bad news for you.

According to a new report by personal finance website WalletHub, Connecticut is ranked the third worst state for student loan debt.

The only states worse than Connecticut are Rhode Island and Mississippi.

In order to find which states produce the highest levels of student debt relative to the strength of their economies and residents’ income levels, WalletHub compared the 50 states and the District of Columbia across seven key metrics.

“Our data set ranges from the average student debt to the unemployment rate for people aged 25 to 34 to the percentage of students with past-due loan balances,” Wallethub stated in its report.

Student Debt in Connecticut (1=Best; 25=Avg.)

• 45th – Average Student Debt
• 33rd – Proportion of Students with Debt
• 44th – Student Debt as a Percentage of Income Adjusted by Cost of Living
• 46th – Unemployment Rate for People Aged 25 to 34
• 45th – % of Student-Loan Borrowers Aged 50+

As you can see from the above data, Connecticut did poorly in almost all categories, especially the high unemployment rate for people aged 25-34 and for the overall high student debt.

Some other key overall findings in the report:

At the end of the first quarter in 2015, the outstanding student loan balances via credit reports total $1.19 trillion, and 11.1 percent of all student loans are in delinquency or default, Wallethub notes.

States with the lowest average student debt are No. 1 New Mexico, 2. California, 3. Nevada, 4. District of Columbia, and No. 5 Oklahoma.

States with the highest average student debt are No. 1 New Hampshire, 2. Delaware, 3. Pennsylvania, 4. Rhode Island, and No. 5. Minnesota.

States with the lowest unemployment rate for people aged 25-34 include, North Dakota, Utah, South Dakota, Nebraska, and Minnesota.

But states with the highest unemployment rate for people aged 25-34 include West Virginia, New Mexico, Georgia, Alabama, and Mississippi.

For the full report, please click here.

Photo from GotCredit via Flickr Creative Commons.