President Biden is canceling some student debt for millions of Americans. Biden’s plan calls for thousands of dollars in loan cancellations for those who earn less than $125,000 a year. The move will be the largest forgiveness for individual student debt ever.
Currently, about 44 million borrowers owe a collective $1.7 trillion in federal student loan debt. A new CNBC/Momentive poll finds Americans worry that debt forgiveness could have unintended consequences.
According to the poll, 59% of Americans are concerned that student loan forgiveness will make inflation worse. The survey found that 30% all adults say there should be no student loan forgiveness for anyone. Yet there are sharp divides among those who hold this view. While 39% of men say no loans should be forgiven, just 22% of women agree with that statement. During President Joe Biden’s tenure, the Department of Education says it has approved nearly $32 billion in loan relief so far.
Which States Have The Least And Most Amount Of Student Debt?
Not all states are equal when it comes to the burden of student loans. With student-loan debtors in mind, WalletHub compared the 50 states and the District of Columbia based on 11 key measures of indebtedness and earning opportunities.
These are the states with the highest debt:
- 1. New Hampshire
- 2. Delaware
- 3. Pennsylvania
- 4. Rhode Island
- 5. Connecticut
These are the states with the lowest debt:
- 47. Wyoming
- 48. Nevada
- 49. California
- 50. New Mexico
- 51. Utah
How Does Indiana Rank For Student Loan Debt?
With a score of 49.11 on the Wallet Hub indicator, Indiana fell right in the middle at #21.
With the average student loan debt reaching around $37,000 per borrower, you might consider using a Student Loan Calculator to determine an affordable monthly payment and payoff timeline.
Tips for students looking to minimize the amount of debt they take out for higher education:
- A student should choose their major carefully to be able to support the level of student borrowing they need to take on to graduate in that field.
- Students aiming to minimize the debt they take on for education should look into all scholarships.
- They should also consider whether working while in school is an option to help pay their costs.
- The student should investigate expected earnings in different major fields.
