The survey additionally found that although student loan debt is more prevalent among millennial buyers, they aren't the generation with the
largest student debt balances.
After the
average student debt balance was found for each city, rankings could be determined based solely on the average student loan debt balance each city held.
In addition to cutting living expenses and refinancing for a shortened repayment period or lower interest rate, student loan borrowers can search for ways to earn extra income which can then be applied toward
outstanding student debt balances.
Disposable income was then compared to typical payments on the average
student debt balance of a 2016 graduate in each state based on the following criteria:
When consolidating this data to represent any given city with multiple ZIPTM codes, the number of open student loan accounts were used to weight their
respective student debt balances.
That doesn't mean the amount you owed on your loans just disappears —
whatever student debt balance you carried is now part of your new mortgage loan.
They also have the largest
unpaid student debt balance at more than $ 14,800 because by now interest has accumulated and they have missed payments.
LendEDU's report, entitled «U.S. Cities with the Highest &
Lowest Student Debt Balances» provides a detailed look into which U.S. cities owe the most and least in student loan debt.
In addition to cutting living expenses and refinancing for a shortened repayment period or lower interest rate, student loan borrowers can search for ways to earn extra income which can then be applied toward
outstanding student debt balances.
On average,
student debt balances of African Americans are the largest percentage of income, while Asian Americans enjoy the lowest percentage.
For many that means that
their student debt balances go up, not down.
The average borrower has
a student debt balance of $ 28,400.
The solution simply uses the spare change from routine purchases and applies it directly to
student debt balances.
Some cities within the data set had multiple ZIPTM codes, which meant that some cities had more than one average
student debt balance.
On the other end of the spectrum, our report also provides a list of the 500 U.S. cities where the average
student debt balances are highest.
With the help of data licensed from Experian, LendEDU has recognized the 500 U.S. cities where the average
student debt balances are lowest.
Using credit report data, the New York Federal Reserve Bank reports that the median outstanding
student debt balance was $ 12,800 per borrower owing student debt as of the third quarter of 2011 (Brown, et.
Loans for graduate and professional degrees make up about 40 % of the country's $ 1 trillion
student debt balance, and they just got more expensive.
The exception during this time has been
student debt balances, which have ballooned from over $ 300 billion at the end of 2004 to over $ 1.2 trillion debt today.