The Gist: It’s been quite a ride for Georgia students as WalletHub, a personal-finance website, today unveiled its comprehensive report on states with the most and least student debt in 2023.
The Report: Framing the conversation around the ever-increasing average student loan debt that is now at a staggering $37,000 per borrower, WalletHub cast a broad net to identify the friendliest and unfriendliest states for those dealing with student loans. Their comparative analysis looked at the 50 states and the District of Columbia using 12 key metrics, with data ranging from the average student debt to the unemployment rate for the 25 to 34 age group, and even considered the percentage of students with past-due loan balances.
By The Numbers:
- Georgia landed in 9th place among the states with the most student loan debt.
- It came in midway at 25th when considering the proportion of students carrying debt.
- Student debt as a percentage of income, adjusted for the cost of living, placed Georgia 10th.
- In terms of student loans either past due or in default, the Peach State stood at 19th.
- The availability of student jobs put Georgia in 21st place.
- The state took 22nd place for the availability of paid internships.
- As for grant growth, Georgia fell a bit lower in the ranking at 28th.
Why It Matters: The burden of student debt is a reality for many young Georgians. This data gives us a detailed picture of the student debt landscape, underlining areas where Georgia shines and where it falls short. As the nation grapples with the student loan crisis, understanding the broader context of how Georgia stacks up can help drive meaningful discussions around potential solutions.
Go Deeper: For those interested in diving deeper into the figures, the full report is available at WalletHub’s website, along with expert commentary.
Remember, knowledge is power, especially when it comes to navigating student loans. Be in the know, stay informed and keep the conversation going.