As the number of student loans that are taken out each year continues to grow, the pain in repaying them is skyrocketing. This year, the U.S. hit the $1.5 trillion mark in student loan debt owed by its citizens and according to a recent report from the Pew Research Center, almost half of adults under the age of 30 have some type of student debt.
As much as people say that student loan debt is not all entirely bad, we know the truth that the return on your investment for a college or graduate degree gets slimmer as you age or depending on your industry and the overall perspective of the school with your professional network. If you decide to move down South though, you have little to worry about — as you’ll be in fair company. People who live in the Southeast metros, according to a recent analysis conducted by Lending Tree, carry the most student loan debt in the nation, with balances owed on at least three to four different student loans.
Want to know which city has the highest median student loan balances? Formerly known as the “chocolate city”, Washington, D.C. ranks at the top, with an average student loan balance of $22,803. Now that’s two cars and a down payment for a house! The reason for this? According to the report, one in four people in Washington, D.C. have a graduate or professional degree which ultimately amounts to high portions of tuition and board owed over time.
Atlanta is the runner-up, with a similar median balance of $22,232. Want to know where your city ranks on the list? Check out the rest of the report and the interactive map here.
If you’re still struggling to find a way to get your loans under control, consider these student loan forgiveness programs as a way to get started.
If you need money for school, please review our list of 100+ scholarships geared specifically to women of color.