RENO, Nev.–A new analysis offers a ranking of the states where residents are struggling most with student loan debt.
According to the study commissioned by E Learning Industry, Mississippi tops the list, where average student debt is 123% of the average annual per capita income.
Alabama and Georgia follow, with average student debt reaching 108.6% and 106.8% of the average annual per capita income respectively, the company said.
At the other end, the research found Massachusetts residents in the best shape, with student debt amounting to just 62.9% of the average annual per capita income.
The research was conducted by online HR platform, Techr, which analyzed data from the Education Data Initiative and compared the average student loan debt to annual per capita income across all 50 states to determine where residents are struggling the most under the weight of student loans.
The debt-to-income ratio was used as a benchmark to rank states from highest to lowest, according to the company.
For example, in the Peach State, the average student loan balance is $42,226, against annual per capita income of $39,525.
The analysis found the national average of 86%.
How Other States Fared
According to E Learning Industry:
- Arkansas ranks fourth, with a debt-to-income ratio of 102.6%. The Natural State’s average debt of $34,024 is 16.6 percentage points higher than the U.S. average of 86%, whereas residents earn an average of $33,147 annually.
- South Carolina comes in fifth, where residents owe 101.9% of their per capita income in student debt, which is 15.9 percentage points above the national benchmark of 86%. The Palmetto State has an average student debt of $38,715 and per capita income of $37,993 annually.
- Louisiana (6th) has a student debt burden of 101.8% of per capita income, followed by New Mexico (7th) at 98.4%, North Carolina (8th) at 98.3%, West Virginia (9th) at 98.2%, and Tennessee (10th) at 97.9%, all significantly above the national average of 86%.
For info, go here.