Granite State ranked 4th in nation for student loan debt

((USNews.com graphic)

With the average student loan debt reaching around $37,000 per borrower, the personal-finance website WalletHub recently released its report on 2022's States with the Most and Least Student Debt. as well as expert commentary.

To determine the states that are friendliest toward student-loan debtors, WalletHub compared the 50 states and the District of Columbia across 11 key metrics. The data set ranges from average student debt to unemployment rate among the population aged 25 to 34 to share of students with past-due loan balances.

Student Debt in New Hampshire (1=Most; 25=Avg.):

• 1^st - Avg. Student Debt
• 2^nd - Proportion of Students with Debt
• 26^th - Student Debt as % of Income (Adjusted for Cost of Living)
• 29^th - % of Student Loans Past Due or in Default

For the full report, please visit:
https://wallethub.com/edu/best-and-worst-states-for-student-debt/7520

Expert Commentary

What tips can you offer students looking to minimize the amount of debt they take out for higher education?

"Most importantly, 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. The student should investigate expected earnings in different major fields. This information is readily available on the internet from websites like LinkedIn and Glass Ceiling. A big problem today is that students take on amounts of debt that cannot be readily supported by the earnings in the field they major in. If a particular field has expected earnings that can allow for student loan repayment and still provide a 'normal' living standard, then it makes sense to take out the loan to get the degree in that field. If a major does not pass this test, then a student may want to consider other options."
Lucia Dunn, Ph.D. - Professor Emerita, The Ohio State University

"Students aiming to minimize the debt they take on for education should look into all scholarships and grants that they may be eligible for. They should also consider whether working while in school is an option to help pay their costs."
Robert G. Murphy - Assistant Chair, Department of Economics, Boston College

Should the government reduce the amount of money students can borrow? How about basing the total amount a student can borrow on the quality of the university and the employability of the degree/field?

​"The relationship between the amount of money students can borrow and the increases in student tuition at many institutions seem direct. I do think that institutions should have substantial responsibility for student success and outcomes and that attaching student loan possibilities to student success at an institution could prove beneficial to students and the government. Such a policy should recognize the students a particular institution serves - policies should be adapted based on student demographics, for example."
Philip A. Ballinger - Associate Vice Provost for Enrollment and Undergraduate Admissions, Henry M. Jackson School of International Studies, University of Washington

"The federal government should help students pay for college with more financial aid alternatives to student loans. One way to do this is for the federal government to increase the size of Pell Grants and make them available to more working-class and middle-class students. This is a better alternative to reducing the amount students can borrow, a policy that by itself would reduce access to quality colleges and universities."
Andrew Burnstine, Ph.D. - Associate Professor, Lynn University

How should students and their parents think about the return on investment to spending on higher education?

"There are some returns to education that cannot be measured numerically - becoming a more informed voter, life-long contacts and friends, a deeper philosophical understanding of the world. These things should also be considered. But on a strictly economic basis, if the major does not produce measurable value added sufficient to justify taking on the required debt, then I think a family may want to consider other options. These could include work-study possibilities, choosing a cheaper college, etc. Also, these days many lucrative and satisfying fields can be entered without a college degree, and many internet groups can provide the non-monetary benefits that I mentioned without formally registering in college. So, the bottom line is that the decision to go to college when some outside financing is required is very complicated, and many things should be carefully considered which often do not get put on the table when a family is making the college decision."
Lucia Dunn, Ph.D. - Professor Emerita, The Ohio State University

"On one hand, continued education and/or higher education after high school has never been more important relative to financial and general social outcomes than now, but on the other hand, the process of successfully attaining that education has never been more financially risky for students and their families. The main personal and social issue of concern is the number of students who take educational loans but do not complete their degrees. Loans make sense for the majority of students IF they complete their degrees. The single most important factor for student success is full-time enrollment in each academic term. Policies that encourage and support full-time enrollment for students receiving student loans would have the most beneficial effects for the student and society in general."
Philip A. Ballinger - Associate Vice Provost for Enrollment and Undergraduate Admissions, Henry M. Jackson School of International Studies, University of Washington