The kids are back in college and the meter is running on the high cost of higher education. It is a burden for many. Eleven-point-1 percent of all student loans are in delinquency or default and student loans continue to be the largest non-housing debt for millions of Americans.  At the end of the first quarter of 2015, total outstanding student loan balances disclosed on credit reports stood at $1.19 trillion, according to the Federal Reserve Bank of New York. One thing to be thankful for is that we live in Washington state.

WalletHub, the leading personal finance website for personal finance website conducted an in-depth analysis of 2015’s Best and Worst States for Student Debt.

Despite the evidence that income potential rises and chances of joblessness decline with more schooling, many graduates entering the labor market are learning the hard way that a college degree can’t guarantee financial security. Post-college success depends on numerous factors, an important one being where the graduate chooses to put down roots. Student-loan borrowers will fare better in states that produce a combination of lower college-related debt levels, stronger economies and higher incomes.

In order to find which states produce the highest levels of student debt relative to the strength of their economies and residents’ income levels, WalletHub compared the 50 states and the District of Columbia across seven key metrics.  The data set ranges from the average student debt to the unemployment rate for people aged 25 to 34 to the percentage of students with past-due loan balances.

Washington state comes in at a very respectable fourth best in the nation. Utah is the best and Mississippi is the worst.

William Mancebo/Getty Images
William Mancebo/Getty Images
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Student Debt in Washington (1=Best; 25=Avg.)

  • 13th – Average Student Debt
  • 18th – Proportion of Students with Debt
  • 10th – Student Debt as a Percentage of Income Adjusted by Cost of Living
  • 20th – Unemployment Rate for People Aged 25 to 34
  • 15th – % of Student-Loan Borrowers in Past-Due or Default Status
  • 15th – % of Student Loans in Past-Due or Default Status
  • 18th – % of Student-Loan Borrowers Aged 50+

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