Connecticut is one of the worst states for student debt, according to a new study.
The personal finance website WalletHub.com published a list of 2015’s best and worst states for student debt.
Connecticut ranked 48 out of 51 states and the District of Columbia.
WalletHub’s researchers broke the ranking down further. It said the state ranked 45th in average student debt, 33rd in proportion of students with debt, 44th in student debt as a percentage of income adjusted by cost of living, 46th in terms of unemployment for people aged 25 to 34 and 45th in percentage of student loan borrows aged 50 and over.
The only states worse than Connecticut were Rhode Island and Mississippi.
Many of the states ranked the best were out west and included Utah, Wyoming and North Dakota.
WalletHub said 11.1 percent of all student loans are in delinquency or default. They continue to be the largest non-housing debt for Americans.
Researchers said that although locations like New York City have a high average salary for a certain profession, the cost of living might still outweigh a worker’s gains. That leaves little to pay off student debt.
The Federal Reserve Bank of New York said that at the end of the first quarter for 2015, total outstanding student loan debt balances disclosed on credit reports stood at $1.19 trillion. That’s a $32 billion increase over the previous quarter.
To complete its study, the site compared seven key metrics ranging from average student debt to the unemployment rate for people aged 25 to 34.
To read the complete results of the study, head to WalletHub’s website here.
Copyright 2015 WFSB (Meredith Corporation). All rights reserved.