Michiganders Have More Student Loan Debt Than Most Of The Country

MICHIGAN — With college students preparing for the fall semester and 10.7 percent of all student loans 90+ days delinquent or in default as of Q1 2018, the personal-finance website WalletHub today released its report on 2018’s States with the Most and Least Student Debt. They found that Michiganders have the 7th highest student loan debt in the country.

To determine the states that are friendliest toward student-loan debtors, WalletHub compared the 50 states and the District of Columbia across 11 key metrics. The data set ranges from average student debt to unemployment rate among the population aged 25 to 34 to share of students with past-due loan balances.

Here’s how Michigan fared compared to other states:

Student Debt in Michigan (1=Most; 25=Avg.)

• 13th – Avg. Student Debt
• 10th – Proportion of Students with Debt
• 4th – Student Debt as % of Income (Adjusted for Cost of Living)
• 26th – Unemployment Rate of Population Aged 25 to 34
• 19th – % of Student Loans Past Due or in Default
• 21st – % of Student-Loan Borrowers Aged 50+
• 19th – Availability of Student Jobs
• 24th – Availability of Paid Internships
• 25th – Grant Growth