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Illinois Ranks In The Middle on Student Loan Debt Status

WalletHub.com

Student loan debt in the United States stands at about $1.3 trillion, and it’s growing by more than $2,700 per second, according to a report by MarketWatch.

It’s been a political football in Congress and on the campaign trail as officeholders and candidates debate what should or should not be allowed in financing and refinancing student loans.

It’s a problem throughout the country, and the website WalletHub.com compiled an analysis of the status of student-loan debtors in all 50 states and the District of Columbia.

Illinois ranked 27th in Student Loan Indebtedness, but a ranking of 11th in Grant and Work Opportunities for Students helped pull the Land of Lincoln up to 24th overall.

Student Loan Indebtedness ranking was based on average student debt in the state, the amount of debt as a percentage of income, and the percentage of student loans that are past due or in default.

The Grant and Work Opportunities include access to student jobs, internships and grants as well as the unemployment rate for people in typical post-college years.

Illinois ranking of 24th is just above the midpoint, with Wisconsin a few notches up at 20th among states based on student debt.

Missouri ranked at 27th, Indiana at 32nd, and Iowa at 38th. Kentucky topped the group, coming in at number 17.

Wisconsin also made an appearance among the five worst states in proportion of students carrying student debt.

Utah finished in the top spot overall, and the District of Columbia came in at the bottom.

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