HONOLULU (HawaiiNewsNow) - School is just around the corner for college students across the country, and whether you are just starting out, transferring or going into your last year, student loan debt has likely crossed your mind – or your parents'.
But when it comes to the population of students with student debt, Hawaii has the least amount compared to the rest of the nation, a new report released Wednesday concluded.
The report by WalletHub ranked the states on their average student debt, proportion of students with debt, student debt as a percentage of income and a few other factors.
According to the Federal Reserve Bank of New York, by the end of the first quarter of 2017, total outstanding college-loan balances disclosed on credit reports stood at $1.34 trillion and increased by $34 billion since the end of 2016.
Hawaii ranked anywhere from no. 37 in the percentage of student loans past due or in default to no. 51 in percentage of student-loan borrowers aged 50 or older.
According to the report, aside from mortgages, student loans make up the largest component of household debt for Americans and collectively the country's debt continues to increase.
The states with the most student debt: Ohio, Mississippi and Pennsylvania.