It seems that a lower student debt rate is the next best thing, now that Bernie Sanders has lost his bid for the presidency. So before you “Feel the Bern” of student loans, check out which of the 50 states is the most fiscal-friendly.
With a highly competitive job market, getting a good education should be a priority. But burying yourself under a mountain of debt to get the best credentials is not an option.
According to Wallethub, with all student-loan debt delinquent or default, students need to carefully choose where to apply. At the end of the first quarter this year, outstanding student loan debt stood at a whopping $1.26 trillion.
Despite facts showing that more schooling results in a higher income potential and a lower risk of unemployment, fresh graduates are learning the hard way: that a degree can’t guarantee financial stability. Many graduate from college unable to find jobs, despite carrying staggering student-loan debt with no means to pay.
Aside from the type of degree, a major factor that affects whether a graduate is successful is determined by where he or she decides to settle. Studies suggest that those who settle on states with strong economies and lower student debt rate fare better.
As with most things, getting a head start can pay up big time in the game of life. And while getting out of student loan debt seems hardly a financial leap, for graduates starting out, a fresh slate is all they could ask for.
So before going to that prestigious college, take a moment’s pause; this decision will decide how you live your life. Unless you want a to see a mountain of debt the moment you leave the hallowed halls of academia, opt in for a state with a lower student debt rate.