UNDATED – With federal student loan interest having resumed on September 1 and payments required again starting in October, the personal-finance website WalletHub today released its report on the States Most Impacted by Student Loan Payments Moratorium Ending, as well as expert commentary.
Accompanying this study, WalletHub also released the results of its 2023 Student Loan Moratorium Survey, which uncovered a number of interesting findings that are listed below.
| Affected the Most | Affected the Least | |||||||||||
|
42. Hawaii | |||||||||||
| 43. Nevada | ||||||||||||
| 44. Oregon | ||||||||||||
| 45. Oklahoma | ||||||||||||
| 46. Utah | ||||||||||||
| 47. Idaho | ||||||||||||
| 48. New Mexico | ||||||||||||
| 49. Montana | ||||||||||||
| 50. Washington 51. Wyoming |
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Most Impacted States Key Stats
- North Dakota has the lowest average student debt per borrower, $29,834, which is 1.8 times lower than in The District of Columbia, which has the highest at $54,863.
- Utah has the lowest portion of students with student debt, 39.00 percent, which is 1.9 times lower than in South Dakota, the state with the highest at 73.00 percent.
- Maine has the lowest student default rate, 0.38 percent, which is 5.6 times lower than in Alaska, the state with the highest at 2.12 percent.
- Montana has the highest share of student loan borrowers eligible for forgiveness, 2.83 percent, which is 2.3 times higher than in Utah, the state with the lowest at 1.23 percent.
To view the full report and your state or the District’s rank, please visit:
https://wallethub.com/edu/
Student Loan Moratorium Survey Key Stats
- Taxpayer Fairness: 48% of people think the student loan moratorium was not fair to American taxpayers.
- Huge Help: More than 3 in 4 people with student loan debt say the student loan moratorium was helpful for them.
- Future Impact: 56% of people with student loan debt say the end of the student loan moratorium will affect their finances a lot.
- Uncertain Timeline: 1 in 3 Americans with student loan debt say they don’t know how long it will take them to pay off their student loans.
- What People Would Do to Be Free: 45% of people with student loan debt say they would start an OnlyFans account to be free from student loan debt, while 51% would eat student cafeteria meals for a year, 33% would move to another country
- Student Debt vs. Credit Card Debt: Nearly 2 in 4 people think student loan debt is more concerning than credit card debt.
- Fairness of Forgiveness: 3 in 5 Americans say it is fair for some people’s student loans to be forgiven.
To view the full report, please visit:
https://wallethub.com/blog/
