Pennsylvania, New Jersey rank in Top 10 states with most student debt

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University Student Loan Debt With Borrowed Money

PENNSYLVANIA - Pennsylvania has long been a destination for higher education, but a new report suggests that comes at a significant cost for its residents. Thousands of Pennsylvanians are waking up to a stark financial reality, as a new study by WalletHub ranks the state as one of the top five in the nation for student loan debt, with residents carrying an average debt of over $39,000.

By the numbers:

Pennsylvania ranks third among the states struggling the most with student debt, according to the WalletHub report. The state has the third-highest average student debt, at over $39,000. This debt-to-income ratio is particularly high, with the average Pennsylvanian with student loan debt owing just under half (44%) of the median income in the state, which is the sixth-highest rate in the country.

In addition to the high average debt, the report also notes that a significant number of people in the state are borrowing. Around 64% of students in Pennsylvania have student loan debt, which is the fourth-highest percentage in the country.

The report points out that Pennsylvania, along with the other states with the biggest student loan problems, lacks a student loan ombudsman law.

Mississippi and New Hampshire ranked as the top two states with the most student debt. New Jersey ranked among the top 10.

Top 20 states with most student debt

1. Mississippi
2. New Hampshire
3. Pennsylvania
4. Delaware
5. South Dakota
6. South Carolina
7. Kentucky
8. West Virginia
9. New Jersey
10. Ohio
11. Michigan
12. Louisiana
13. Oklahoma
14. Georgia
15. Kansas
16. Rhode Island
17. Alabama
18. Indiana
19. Nebraska
20. Iowa