Report: Michigan city has the most student loan debt - WNEM TV 5

Report: Michigan city has the most student loan debt

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A new report shows a Michigan city is among those with the highest student loan debt. 

Student loans make up the second highest form of household debt after mortgages, totaling $1.31 billion at the end of 2016. According to a report from Citizens Bank, three in five graduates expect to keep paying on their college loans into their 40s.

With graduation season upon us, the personal-finance website WalletHub released its 2017 report on the cities with the most and least student debt.

In the study, WalletHub’s analysts divided the average student-loan balance by the average earnings of adults aged 25 and older with a bachelor’s degree in each of 1,937 U.S. cities. 

The report found the most overleveraged city is Ypsilanti, Michigan with an average student loan debt of $24,339.

Students from the city with a Bachelors’ degree make an average of $28,558, per the report, making the ratio of student debt to median earnings 85 percent.

A report from the Wall Street Journal found about 43 percent of the estimated 22 million Americans with student debt were either delinquent on their payments or had stopped paying completely at the beginning of 2016

Experts say if you’re considering borrowing money for college, look at a Student Loan Calculator to determine an affordable payment amount and realistic payoff timeline.

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