RI Ranks 37th in Country for Student Debt
Thursday, August 04, 2016
Rhode Island has been ranked 37th in the country for student debt.
According to the study, Rhode Island ranks 41st in student loan indebtedness and 5 in grant and work opportunities.
"Save for mortgages, student loans constitute the largest component of household debt for Americans. And our collective debt keeps growing. At the end of the first quarter of 2016, total outstanding college-loan balances disclosed on credit reports stood at $1.26 trillion, according to the Federal Reserve Bank of New York. The latest figure represents an increase of $29 billion from the previous quarter and $72 billion from a year ago," said the study.
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Rhode Island is ranked 37 behind South Dakota and New York at 35 and 36 respectively, while ranking ahead of Iowa and Michigan at 38 and 39 respectively.
Utah is ranked as the best state for student debt, while District of Columbia is ranked as the worst state.
See the Map Below for Full Rankings
The Method
WalletHub's analysts compared the 50 states and the District of Columbia across two key dimensions including student loan indebtedness and grant and work opportunities for students.
They then evaluated the categories using nine metrics, with each metric being graded on a scale form 0-100, with 100 representing the most favorable conditions for student debtors.
WalletHub then calculated overall scores for each state using the weighted average across all metrics, which was used to come up with the final rankings.
Student-Loan Indebtedness - Total Points: 85
- Average Student Debt: Full Weight (~14.17 Points)
- Proportion of Students with Debt: Full Weight (~14.17 Points)
- Student Debt as a Percentage of Income: Double Weight (~28.33 Points)
Note: This metric was calculated by dividing overall state-level student debt per borrower by median household income (adjusted for cost of living).
- Percentage of Student Loans in Past-Due or Default Status: Full Weight (~14.17 Points)
- Percentage of Student-Loan Borrowers Aged 50 & Older: Full Weight (~14.17 Points)
- Note: This metric was adjusted for the population aged 50 and older.
Grant & Work Opportunities for Students - Total Points: 15
- Unemployment Rate for People Aged 25 to 34: Full Weight (~3.75 Points)
- Availability of Student Jobs: Full Weight (~3.75 Points)
Note: This metric measures student jobs per total civilian population aged 16 to 24 in the labor force.
- Availability of Paid Internships: Full Weight (~3.75 Points)
Note: This metric measures paid internship listings per total civilian population aged 16 to 24 in the labor force.
- Availability of Grants: Full Weight (~3.75 Points)
Note: This metric measures the percentage change (2014 vs. 2013) in state- and local-government grants per in-district and in-state undergraduate student.
Related Slideshow: RI 4 Year Colleges & Universities with the Highest Student Debt
Seven in 10 college seniors (71%) who graduated last year had student loan debt, with an average of $29,400 per borrower, according to a new report released by the Institute for College Access and Success. According to the Institute’s Project on Student Debt, Rhode Island has the fifth highest student debt in the country, but what about the state's individual institutions? Check out the slides below to see the average debt graduates accrued at Rhode Island colleges and universities.
Note: All data is based on four-year or above institutions for students graduating in the 2011-2012 academic year. Johnson and Wales University and the Rhode Island School of Design are not included in the data below, because they did not report the average debt of their graduates.
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