(The Center Square) – Ohioans carry more student debt than most of the country, which leads analysts to think many do not take advantage of millions in college financial aid options each year.
Ohio has the sixth-most student debt in the country, according to a recently released WalletHub study that used a dozen metrics from the Census Bureau, Federal Reserve Bank of New York, the U.S. Department of Education and other groups to determine what states are impacted by the most by student debt.
According to the report, nearly 8% of the state’s borrowers are age 50 or older, which WalletHub analyst Jill Gonzalez believes shows a significant number of people continue to carry and struggle with student debt.
At the same time, Ohio ranked in the top six for the most grants and student work opportunities.
“This discrepancy is potentially telling us that the state’s students might not be aware of the available financial aid possibilities and continue to buy more than they can afford,” Gonzalez said.
Only Pennsylvania, Delaware, Mississippi, West Virginia and South Dakota have a higher percentage of students taking on more debt than Ohio’s 59%, according to the report.
Andrea Lee Negroni, an adjunct associate professor of law at American University’s Washington College of Law, urged students considering loans to apply for other forms of financial aid to offset the cost.
“Do not shy away from opportunities to work while studying,” Negroni said. “Part-time jobs abound at and near universities during breaks and in the summer. Those serious about education may have to work to pay for it. Be willing to invest in yourself.”
Utah has the lowest average of student debt at $18,344, which is more than twice as low as the highest state, New Hampshire, which has an average debt of $39,928.
Utah also has the lowest proportion (39%) of students with debt.
