States With the Highest Student Debt As Federal Loan Deadline Looms: Map
Mississippi ranked first for the biggest student debt problem as millions of borrowers face a key SAVE deadline
As the federal student loan deadline for transitioning out of the SAVE plan approaches, millions of borrowers are facing a major change in their repayment plans. According to a new analysis by WalletHub, Mississippi has the highest student debt burden, with debtors owing an average amount equivalent to 54 percent of the state's median income.
This is the highest share in the country and surpasses the default rate in the nation. Delaware and Pennsylvania also show significant student debt issues, with Delaware having the second-lowest share of paid internships and a high student loan default rate. Utah, on the other hand, ranks lowest for student debt, followed by Hawaii, California, Washington and New Mexico.
The analysis highlights the impact of student debt on the broader economy, as required loan payments reduce borrowers' disposable income, limiting their ability to save, invest, purchase homes, start businesses, or spend on goods and services.
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