Here’s How Much Student Loan Debt Drags Down Miami

MIAMI, FL — Student Loan Hero researchers determined the median loan balances in each metro by reviewing about 485,000 anonymous credit reports from users of the credit-monitoring service My LendingTree. Credit reports with no student-loan debt were excluded.

The typical student in Miami carries $23,527 in student debt, the report said, and 28.4 percent owe more than $50,000 and 11.1 percent owe more than $100,000.

While that may seem like a lot, Washington, D.C. students carry the most debt overall at more than $29,000. Moreover, 34.2 percent owe more than $50,000 and 14.8 percent owe more than $100,000.

This is likely due to the city being home to a lot of students who seek graduate degrees.

“Roughly half of the people over the age of 25 in the Washington, D.C., metro have a postsecondary degree — that’s significantly higher than the 28 percent of all Americans who’ve earned a bachelor’s or higher,” the report said.

Here are the 10 metro areas where students carry the most debt:

1. Washington, D.C. — $29,314
2. Atlanta — $28,706
3. Charleston, South Carolina — $27,591
4. Akron, Ohio — $27,363
5. Columbia, South Carolina — $27,330
6. Raleigh, North Carolina — $26,779
7. Toledo, Ohio — $26,693
8. Augusta, Georgia — $26.542
9. Birmingham, AL — $26,372
10. New Orleans, LA — $26,182

On the flip side, McAllen, Texas, residents carry the least amount of student debt, according to the report, and for good reason: just 13 percent of adults 25 and older in the area have a bachelor’s degree.

Rounding out the five metros with the least amount of debt: Fresno, California; Ogden, Utah; Stockton, California; and Providence, Rhode Island.

Borrowing money to cover at least a part of tuition, room and board, textbooks and toiletries is becoming increasingly expected. A 2017 report by the Federal Reserve found that whether those loans are repaid is closely tied with the students’ family background and type of college they attended.

“In particular, individuals who either did not complete their degree or who attended a for-profit institution are disproportionately likely to fall behind on their student loan payments,” the report found.

Patch national staffer Dan Hampton contributed to this report.