Many Americans struggle with managing their student debt. At the end of 2024's second quarter, there were nearly $1.62 trillion in outstanding college-loan balances, according to the Department of Education.
Some states have residents with more debt than others, so WalletHub researchers decided to look into exactly where people struggle the most and least.
The study compared the 50 states and the District of Columbia based on 12 key measures of indebtedness and earning opportunities, according to WalletHub.
Florida proved to be one of the places with the least amount of student debt, ranking 41 out of 51.
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States with most student debt
| Overall Rank* | State | Total Score | Student-Loan Indebtedness Rank | Grant & Student Work Opportunities Rank |
|---|---|---|---|---|
| 1 | Mississippi | 66.42 | 1 | 11 |
| 2 | Pennsylvania | 61.25 | 3 | 21 |
| 3 | Delaware | 60.85 | 4 | 18 |
| 4 | West Virginia | 60.00 | 7 | 5 |
| 5 | South Carolina | 58.28 | 6 | 25 |
| 6 | New Hampshire | 58.26 | 2 | 45 |
| 7 | South Dakota | 58.04 | 5 | 43 |
| 8 | New Jersey | 56.47 | 8 | 33 |
| 9 | Ohio | 55.42 | 9 | 22 |
| 10 | Kentucky | 55.33 | 14 | 2 |
States with least student debt
| 41 | Florida | 35.98 | 41 | 24 |
| 42 | Nevada | 34.66 | 45 | 1 |
| 43 | Oregon | 34.02 | 44 | 10 |
| 44 | Colorado | 33.92 | 42 | 32 |
| 45 | Wyoming | 32.87 | 43 | 34 |
| 46 | Alaska | 31.95 | 46 | 16 |
| 47 | New Mexico | 29.76 | 47 | 31 |
| 48 | California | 27.70 | 50 | 19 |
| 49 | Washington | 26.92 | 49 | 35 |
| 50 | Hawaii | 26.69 | 48 | 39 |
| 51 | Utah | 20.33 | 51 | 12 |
For anyone with student debt and looking to take out a loan, WalletHub analysts suggest using a Student Loan Calculator to determine an affordable monthly payment and payoff timeline.
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“College keeps getting progressively more expensive, and so does borrowing money to attend. Federal student loan interest rates are rising to a 12-year high for the upcoming academic year, so it’s important to plan carefully when borrowing," Cassandra Happe said.
"In addition to attending college in a less expensive state and pursuing other avenues of funding like financial aid and grants, students should also carefully calculate how much they can afford to borrow before taking out a loan.”
