A recent study conducted by WalletHub revealed the states that are best at keeping student debt low. These states show how good financial planning and support can help students manage their educational costs more easily.
Utah
Utah boasts the lowest student debt, ranking 51st in indebtedness with a total score of 20.33. The state’s emphasis on affordable education and strong work ethic contribute to this success. Utah’s 12th rank in grant opportunities further eases financial burdens.
Hawaii
Hawaii ranks 48th in student loan indebtedness with a total score of 26.69. The state’s ongoing local economy and emphasis on in-state education help keep debt levels low. Despite ranking 39th in grant opportunities, Hawaii’s unique geography encourages students to stay local. This often reduces the overall education costs.
Washington
Washington’s fast-growing tech industry aids in low student debt. The state ranks 49th in indebtedness with a total score of 26.92. High-paying work opportunities in the tech sector allow graduates to repay loans quickly. The state’s 35th rank in grant opportunities suggests students rely more on future earnings potential.
California
California ranks 50th in student loan indebtedness despite its high-cost rankings. This raises the overall score to 27.70. The state’s diverse economy offers varied post-graduation opportunities. California’s 19th rank in grant opportunities indicates strong financial support for students. The state’s large public university system also provides affordable education options.
New Mexico
New Mexico ranks 47th in student loan indebtedness, reflecting its commitment to affordable education. The state’s total score is 29.76 as it implements efforts to keep tuition costs low at public institutions. Despite a 31st rank in grant opportunities, New Mexico’s overall approach to education financing benefits students.
Alaska
Alaska’s 46th rank in student loan indebtedness is noteworthy which provides it a score of 31.95. The state’s unique economic structure, including oil revenue dividends, helps support education. Alaska’s 16th rank in grant opportunities further aids students. The state’s remote location may also encourage practical, career-focused education choices.
Wyoming
Wyoming ranks 43rd in student loan indebtedness by scoring 32.87. The state’s small population and resource-based economy contribute to this lower debt level. Wyoming’s 34th rank in grant opportunities suggests a balanced approach to education financing. The state’s emphasis on practical and industry-aligned education may further reduce overall costs.
Colorado
Colorado ranked 42nd in student loan indebtedness with a final score of 33.92. The state’s strong economy and growing tech sector offer good job prospects for graduates. Despite ranking 32nd in grant opportunities, Colorado’s overall economic health keeps student debt manageable. The state’s outdoor lifestyle may also attract talent, thereby boosting the job market.
Oregon
Oregon ranks 44th in student loan indebtedness and 10th in grant opportunities, with a score of 34.02. This combination suggests a strong commitment to affordable education. The state’s diverse economy ranging from tech to agriculture, provides varied career paths for graduates.
Nevada
Nevada ranks 45th in student loan indebtedness and first in grant and work opportunities. The state’s total score stands at 34.66. This impressive combination reflects the state’s commitment to accessible education. Nevada’s unique economy, driven by tourism and emerging tech sectors offers diverse work prospects for graduates. The state’s practical approach to education and employment helps minimize student debt.
Florida
Florida’s overall score is 35.98, placing it 41st in the nation for student loan debt. The state’s lack of income tax and lower cost of living contribute to this favorable ranking. It ranks 24th in grant opportunities. Florida’s strong tourism and service sectors provide job opportunities for graduates, aiding in debt management
District of Columbia
The District of Columbia ranks 39th in loan indebtedness, scoring a total of 36.97. Its unique status as the nation’s capital provides numerous government and private sector work opportunities. Ranking 30th in grant opportunities, D.C.’s high concentration of employers helps graduates manage debt through strong earning potential.
Virginia
Virginia ranks 37th in student loan indebtedness despite being 49th in grant opportunities. The state’s total score stands at 39.40. The state’s diverse economy, from government contractors to tech firms, offers strong employment prospects. This increasing job market helps graduates manage debt despite limited financial aid.
Idaho
Idaho ranks 40th in loan indebtedness and an impressive 3rd in grant opportunities. Both of these aspects show how dedicated the state is to providing accessible education. The state’s total score reached 39.58. Idaho’s growing tech sector and traditional industries provide a wide variety of work opportunities. This helps graduates manage debt effectively.
Arizona
Arizona ranks 38th in loan indebtedness and 15th in grant opportunities, with a total score of 39.81. The state’s growing economy and relatively low cost of living lead to lower debt levels. Arizona’s expanding tech and service sectors offer increasing opportunities for work for graduates.
Massachusetts
Massachusetts ranks 34th in loan indebtedness despite ranking 50th in grant opportunities. This brings the state’s total score to 40.02. The state’s knowledge-based economy, centered around education and technology offers high-paying jobs. This strong job market helps graduates manage debt despite limited financial aid.
Vermont
Vermont ranks 35th in loan indebtedness with a total score of 41.11 and 40th in grant opportunities. The state’s small size and focus on quality of life may lead to more pragmatic education choices. Vermont’s emphasis on sustainable and local economies provides unique opportunities for graduates.
Maine
Maine ranks 31st in loan indebtedness despite being 51st in grant opportunities. The state gets a total score of 41.75. Its focus on practical education and growing sectors like healthcare and clean energy helps graduates find employment. Maine’s quality of life also attracts talent which in turn, boosts the job market.
Maryland
Maryland ranks 30th in loan indebtedness despite being 47th in grant opportunities, scoring 42.82. The state’s strong economy along with proximity to D.C., and a growing tech sector, offers excellent job prospects. This economic strength helps graduates manage debt.
Tennessee
Tennessee ranks 36th in loan indebtedness with a total score of 44.30 and 13th in grant opportunities. The state’s effort to attract businesses and grow its economy provides increasing job opportunities for graduates. Tennessee’s relatively low cost of living also helps students manage debt more effectively.