Home Consumer debt It’s the US county with the most student debt – 24/7 Wall St.

It’s the US county with the most student debt – 24/7 Wall St.

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Among the issues President Biden has chosen to address is the massive number of student loans in America. And, amid heated debate in Washington, can he make that decision alone, or does it have to go through Congress? One option he presented is the cancellation of federal loans for those with incomes below $125,000. However, the level of debt forgiveness and income remains undecided.

High student debt can affect the financial lives of people who hold it for years or even decades. One of the reasons homeownership is declining among young adults is this debt burden. And, the consumer spending of this group is almost certainly compromised even with small purchases.

A 2019 report from New York Life found that taking on too much student loan debt was one of the top financial regrets of the 2,200 adults in the survey who reported taking an average 18 and a half years to repay the debt.

The ability to repay student loan debt depends on many factors, including whether or not the degree you borrowed led to a good job in your current location. A graduate with a coveted degree in a big city with many job opportunities may have an easier time paying off debt than a graduate living in a less populated area with fewer career opportunities.

With so much student debt across the country, many Americans find themselves in default on their student loans.

To identify the county with the most student loan debt in collections, 24/7 Wall St. examined the median student loan debt in collections among residents of each state with student loan debt in collections. a non-profit think tank Urban Institute’s Debt in America Report 2021. The Urban Institute used 2020 credit bureau data.

The share of student debt in collections, also from the Urban Institute, is the percentage of the total number of individuals with some form of student debt that is opened, deferred, and sent to a collection agency. Education level is from 5-year estimates from the 2019 American Community Survey.

The most indebted county is York County, South Carolina. Here are the details:

> Median student debt in default: $23,965
> Student loan holders with student debt in default: 8.8% – #1,908 of 2,934 counties
> Adults with at least a bachelor’s degree in 2019: 33.3% — #372 out of 3,136 counties

Click here to read These are the 50 counties with the most student debt