New York Ranks 7th Worst For People With Student Loan Debt

A study from the financial group WalletHub puts New York 45th overall in the country. The state rated poorly in unemployment level for people between ages 25-34.

Bad news for students in New York.

A report released from the financial website WalletHub ranked New York as the 7th worst state for student loan debt.

Out of the 50 states and the District of Columbia, New York fell in 45th place.

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Worse off than New York are people in South Carolina, Georgia, Maine, Connecticut, Rhode Island, and Mississippi, in order.

The best states are, in order, Utah, Wyoming, North Dakota, Washington, and Nebraska.

Source: WalletHub

For the study, WalletHub considered factors such as the proportion of students with debt, the average student debt, unemployment rate for people between ages 25 and 34, and the percentage of student loans past-due or in default. 

The criterion that pushed New York down in the rankings was student debt as a percentage of income, adjusted by cost of living. The Empire State ranked 49th in the category, beating only Hawaii and District of Columbia. Meaning that, in New York, salaries aren’t measuring up to the amount of student debt the average person has.

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New York also sank pretty low in the unemployment of people aged 25-34 category, as well.

But there’s hope. The report spoke with professors and directors of financial aid at eight different universities across the country to provide advice.

“If the student is not attending university to prepare for a career, but instead wants to broaden their education, sharpen their critical thinking skills, and have life-changing experiences, then enrolling in a four-year program makes more sense,” Alan Hamlin, professor of management at Southern Utah University, told WalletHub.  “However, there is often no correlation between the amount spent for tuition and the quality of education obtained.”

Karen Cooper, associate dean and director of financial aid at Stanford University, recommended students be aware of how much they are borrowing.

“Only borrow what you need,” Cooper said to WalletHub. “Just because we tell you that you’re eligible for the maximum amount, doesn’t mean you will necessarily need that amount for your own unique situation.”

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And all of the experts suggested doing research to find and apply for any scholarship available. 

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