Hawaiʻi is 50th overall in the nation when it comes to the highest student debt, according to a study of all 50 states and the District Columbia by the personal-finance website WalletHub. The study compared 12 key metrics in student debt. Utah edged Hawaiʻi for 51st place while Pennsylvania followed by Delaware and Mississippi are the states with the highest student debt in the country.
Hawaiʻi came in 50th with student debt as percentage of income, 49th in proportion of students with debt and 43rd with average student debt.
“One of the reasons Hawaiʻi’s student debt rate is so low is that the 10 campuses of the University of Hawaiʻi provide superb affordable options for local residents,” said UH President David Lassner. “Our resident tuition is low, we offer need-based financial aid, and our campuses provide a fantastic range of excellent educational opportunities at every level.”
The total outstanding U.S. college-loan balances came in at nearly $1.64 trillion, at the end of the first quarter of 2023, according to the U.S. Department of Education. That’s an average of $37,000 for each of the 42.9 million borrowers.