August 3, 2017
Ohio has the most student debt in the country, study shows. Here’s why
Student loans are growing nationwide, making up the majority of household debt for Americans after their mortgages. And Ohio has the most student debt in the country, a recent study shows.
In Ohio, the average student debt is $30,239 and more than two-thirds of students have debt. Both measures are among the top 10 in the country. The balance of students’ loans make up more than 50 percent of their annual income.
“The problem isn’t just post-grad you have to look at what happens while they’re in school,” said Jill Gonzalez, an analyst WalletHub, the personal finance website that conducted the study.
She said the high percentage of Ohio students taking out loans and the large amount that they’re borrowing is the setting them up for a longer haul.
State and local government grants going to public schools, internships and student job opportunities all reduce that need to borrow so much in the first place, according to Gonzalez. Ohio landed in the middle of the pack for availability of student jobs and paid internships.
A college degree is supposed to raise a student’s income potential and chances of getting a job. Yet many graduates entering the labor market are struggling to pay off the high amount of debt they’ve acquired earning that degree.