Study: Hawai‘i Has Among Lowest Student Loan Debt in US
Student loans make up the largest portion of household debt in the U.S., according to a new report published by the personal finance website WalletHub. But residents in Hawai‘i have among the lowest student loan debts in the nation according to the company’s analysis.
WalletHub compared the 50 U.S. states and the District of Columbia in the study across 12 key metrics including the average ratio of student loan debt to unemployment rates among adults age 25 to 34, and the number of students with past-due loan balances.
The study ranked the State of Hawai‘i 49th in the country for the average amount of student loan debt as a percentage of income and 51st for the percentage of student loan borrowers over the age of 50. Hawai‘i also ranked 42nd in the country for the average amount of student debt and 43rd for the proportion of students who owe for college loans. The study reported that Hawai‘i ranks 41st in the country for the unemployment rate of adults age 25 to 34, and 41st for the percentage of student loans that are past due or in default.
According to WalletHub, the collective debt for student loans is growing in the U.S. At the end of the first quarter of 2018, total college-loan debts found in credit reports amounted to a staggering $1.49 trillion, according to the Federal Reserve Bank of New York.
Students who are considering applying for a loan for college or who are in danger of defaulting on their payments are advised to use a student loan calculator to determine an affordable monthly payment and payoff schedule.