From Newsweek · · 50s
Student Debt Crisis Hits Mississippi, Utah
Mississippi leads national student debt crisis as federal loan deadline approaches.
In brief
Mississippi leads national student debt crisis as federal loan deadline approaches. Mississippi has highest student debt burden with 54% of median income, while Utah ranks lowest as federal loan deadline looms for 7.5 million borrowers. Originally reported by Newsweek.
Student Debt Crisis
Mississippi has highest student debt burden with 54% of median income.
“Borrowers in Mississippi owe an average amount equivalent to more than 54 percent of the state's median income”
Federal Loan Deadline
7.5 million borrowers face deadline to switch repayment plans.
“The Education Department directed the 7.5 million borrowers who were enrolled in SAVE to choose a new repayment plan”
State Debt Differences
WalletHub ranks Mississippi as worst, Utah as best for student debt.
“WalletHub ranks Mississippi as the state with the biggest student debt problem”
Job Market Strain
Mississippi has third-worst student job opportunities.
“Difficulty finding jobs is one factor contributing to student borrowers' struggles in Mississippi”
Default Rates
Mississippi has highest student loan default rate.
“Mississippi also has the nation's highest student loan default rate”
Economic Impact
Student debt delays major life decisions and economic activity.
“Required loan payments reduce borrowers' disposable income, leaving them with less money to save, invest, purchase homes, start businesses, or spend on goods and services”
What it means
Mississippi has highest student debt burden with 54% of median income, while Utah ranks lowest as federal loan deadline looms for 7.5 million borrowers.
