Student debt, incurred as a result of getting a college education, is a burden not just for young Americans, but it has negative repercussions for the economy overall. Debt hampers recently graduated students from buying homes and home furnishings, and it delays them from starting families. In some parts of the country, student debt is more of an albatross than others. It is less of an issue in one part of the nation in particular.
To determine the cities that are most and least burdened by student debt, 24/7 Wall St. reviewed WalletHub’s 2022’s Cities with the Most & Least Student Debt, which found how leveraged residents are, when it comes to student debt, in 2,510 U.S. cities. For each city, WalletHub divided the median student-loan balance by the median earnings of adults aged 25 and older with a bachelor’s degree. We ranked the 25 most and least leveraged cities.
Student debt has eclipsed both auto loan and credit card debt to become the second-highest source of consumer debt, topped only by mortgage loans. According to the Federal Reserve, total student loan debt, both federal and private, amounts to $1.75 trillion and is owed by some 45 million people. About 92% of all student debt is in the form of federal student loans.
Of the 10 cities that are most burdened by student debt, eight are in the South. Of the 25 most burdened cities, six are in Mississippi, four in Georgia, and three in South Carolina. The ratio of debt to earnings in the 25 cities on the list is at least 71.5%. (Find out if Southern states are also among the cheapest states to get a college education.)
Student debt is less onerous in the West, in particular California, where 17 of the 25 cities least student burdened by student debt are located. The highest ratio of debt to earnings at these 25 cities is 20.3%.
Many of the least burdened cities are located in or near Silicon Valley, where the technology sector dominates the economy and tech jobs offer well-paying jobs for students recently graduated from college. These cities include Fremont, Sunnyvale, Menlo Park, Gilroy, and Milpitas. (Find out if these cities are among the cities where a college education pays off the most.)
Washington state has two cities on the list, and one of them, Redmond, is the headquarters of Microsoft. The median earnings of bachelor’s degree holders in Redmond is $101,309, one of eight cities on the list where median earnings of bachelor’s degree holders top $100,000. The other Washington city, Sammamish, is about 3 miles southeast of Redmond.
Click here for cities where college students are most burdened by debt
Cities With the Most Student Loan Debt
25. Georgetown, SC
> Ratio of debt to earnings: 71.5%
> Median student debt: $22,410 (top 25-50%)
> Median earnings of bachelor’s degree holders: $31,347 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 22.6% (bottom 25-50%)
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24. Spring Valley, NY
> Ratio of debt to earnings: 71.5%
> Median student debt: $24,939 (top 25%)
> Median earnings of bachelor’s degree holders: $34,866 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 17.6% (bottom 25%)
23. Moss Point, MS
> Ratio of debt to earnings: 71.6%
> Median student debt: $20,436 (bottom 25-50%)
> Median earnings of bachelor’s degree holders: $28,526 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 16.3% (bottom 25%)
22. East Liverpool, OH
> Ratio of debt to earnings: 72.5%
> Median student debt: $21,077 (top 25-50%)
> Median earnings of bachelor’s degree holders: $29,063 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 8.1% (bottom 10%)
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21. South Holland, IL
> Ratio of debt to earnings: 73.3%
> Median student debt: $28,815 (top 10%)
> Median earnings of bachelor’s degree holders: $39,336 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 27.6% (bottom 25-50%)
20. Flint, MI
> Ratio of debt to earnings: 73.6%
> Median student debt: $25,302 (top 25%)
> Median earnings of bachelor’s degree holders: $34,394 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 12.3% (bottom 10%)
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19. Union City, GA
> Ratio of debt to earnings: 75.2%
> Median student debt: $25,075 (top 25%)
> Median earnings of bachelor’s degree holders: $33,343 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 24.5% (bottom 25-50%)
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18. Walterboro, SC
> Ratio of debt to earnings: 75.2%
> Median student debt: $27,322 (top 10%)
> Median earnings of bachelor’s degree holders: $36,324 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 26.3% (bottom 25-50%)
17. Greenwood, MS
> Ratio of debt to earnings: 75.5%
> Median student debt: $29,400 (top 10%)
> Median earnings of bachelor’s degree holders: $38,955 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 22.9% (bottom 25-50%)
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16. Homosassa, FL
> Ratio of debt to earnings: 76.1%
> Median student debt: $23,059 (top 25-50%)
> Median earnings of bachelor’s degree holders: $30,294 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 32.4% (top 25-50%)
15. Lithia Springs, GA
> Ratio of debt to earnings: 76.3%
> Median student debt: $31,736 (top 10%)
> Median earnings of bachelor’s degree holders: $41,600 (bottom 25%)
> Bachelor’s degree or higher attainment rate: 25.7% (bottom 25-50%)
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14. Loma Linda, CA
> Ratio of debt to earnings: 76.6%
> Median student debt: $34,487 (top 10%)
> Median earnings of bachelor’s degree holders: $45,047 (bottom 25%)
> Bachelor’s degree or higher attainment rate: 47.6% (top 25%)
13. Morgantown, WV
> Ratio of debt to earnings: 77.0%
> Median student debt: $26,669 (top 10%)
> Median earnings of bachelor’s degree holders: $34,615 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 54.5% (top 25%)
12. Oxford, MS
> Ratio of debt to earnings: 77.5%
> Median student debt: $27,480 (top 10%)
> Median earnings of bachelor’s degree holders: $35,477 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 61.3% (top 10%)
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11. Clarkston, GA
> Ratio of debt to earnings: 77.5%
> Median student debt: $25,046 (top 25%)
> Median earnings of bachelor’s degree holders: $32,313 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 21.1% (bottom 25-50%)
10. Ithaca, NY
> Ratio of debt to earnings: 78.0%
> Median student debt: $25,041 (top 25%)
> Median earnings of bachelor’s degree holders: $32,097 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 69.0% (top 10%)
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9. Ashland, KY
> Ratio of debt to earnings: 78.4%
> Median student debt: $24,337 (top 25%)
> Median earnings of bachelor’s degree holders: $31,049 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 25.9% (bottom 25-50%)
8. Hattiesburg, MS
> Ratio of debt to earnings: 78.8%
> Median student debt: $27,860 (top 10%)
> Median earnings of bachelor’s degree holders: $35,354 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 31.3% (top 25-50%)
7. Orangeburg, SC
> Ratio of debt to earnings: 79.0%
> Median student debt: $25,146 (top 25%)
> Median earnings of bachelor’s degree holders: $31,836 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 27.1% (bottom 25-50%)
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6. McComb, MS
> Ratio of debt to earnings: 80.9%
> Median student debt: $23,833 (top 25%)
> Median earnings of bachelor’s degree holders: $29,467 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 15.8% (bottom 25%)
5. Ridgeland, MS
> Ratio of debt to earnings: 81.5%
> Median student debt: $36,600 (top 10%)
> Median earnings of bachelor’s degree holders: $44,889 (bottom 25%)
> Bachelor’s degree or higher attainment rate: 53.7% (top 25%)
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4. Cordele, GA
> Ratio of debt to earnings: 81.8%
> Median student debt: $17,955 (bottom 25%)
> Median earnings of bachelor’s degree holders: $21,936 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 11.9% (bottom 10%)
3. Avon Park, FL
> Ratio of debt to earnings: 83.1%
> Median student debt: $21,786 (top 25-50%)
> Median earnings of bachelor’s degree holders: $26,202 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 10.2% (bottom 10%)
2. Ypsilanti, MI
> Ratio of debt to earnings: 83.6%
> Median student debt: $29,342 (top 10%)
> Median earnings of bachelor’s degree holders: $35,080 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 43.9% (top 25%)
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1. Selma, AL
> Ratio of debt to earnings: 84.3%
> Median student debt: $24,798 (top 25%)
> Median earnings of bachelor’s degree holders: $29,406 (bottom 10%)
> Bachelor’s degree or higher attainment rate: 20.2% (bottom 25%)
Cities With the Least Student Loan Debt
25. Severna Park, MD
> Ratio of debt to earnings: 20.3%
> Median student debt: $18,484 (bottom 25-50%)
> Median earnings of bachelor’s degree holders: $90,876 (top 10%)
> Bachelor’s degree or higher attainment rate: 59.7% (top 10%)
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24. Redmond, WA
> Ratio of debt to earnings: 20.3%
> Median student debt: $20,551 (bottom 25-50%)
> Median earnings of bachelor’s degree holders: $101,309 (top 10%)
> Bachelor’s degree or higher attainment rate: 71.8% (top 10%)
23. Riverton, UT
> Ratio of debt to earnings: 20.2%
> Median student debt: $12,748 (bottom 10%)
> Median earnings of bachelor’s degree holders: $63,012 (top 25%)
> Bachelor’s degree or higher attainment rate: 38.0% (top 25-50%)
22. San Lorenzo, CA
> Ratio of debt to earnings: 20.0%
> Median student debt: $11,213 (bottom 10%)
> Median earnings of bachelor’s degree holders: $56,109 (top 25-50%)
> Bachelor’s degree or higher attainment rate: 24.0% (bottom 25-50%)
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21. Santa Clara, CA
> Ratio of debt to earnings: 19.9%
> Median student debt: $18,604 (bottom 25-50%)
> Median earnings of bachelor’s degree holders: $93,287 (top 10%)
> Bachelor’s degree or higher attainment rate: 62.1% (top 10%)
20. Redwood City, CA
> Ratio of debt to earnings: 19.8%
> Median student debt: $19,651 (bottom 25-50%)
> Median earnings of bachelor’s degree holders: $99,112 (top 10%)
> Bachelor’s degree or higher attainment rate: 52.3% (top 25%)
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19. Burlingame, CA
> Ratio of debt to earnings: 19.8%
> Median student debt: $18,415 (bottom 25-50%)
> Median earnings of bachelor’s degree holders: $93,045 (top 10%)
> Bachelor’s degree or higher attainment rate: 66.6% (top 10%)
18. Watsonville, CA
> Ratio of debt to earnings: 19.6%
> Median student debt: $12,341 (bottom 10%)
> Median earnings of bachelor’s degree holders: $62,852 (top 25%)
> Bachelor’s degree or higher attainment rate: 13.3% (bottom 10%)
17. Los Banos, CA
> Ratio of debt to earnings: 19.3%
> Median student debt: $11,838 (bottom 10%)
> Median earnings of bachelor’s degree holders: $61,216 (top 25-50%)
> Bachelor’s degree or higher attainment rate: 9.9% (bottom 10%)
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16. Alamo, TX
> Ratio of debt to earnings: 19.3%
> Median student debt: $10,108 (bottom 10%)
> Median earnings of bachelor’s degree holders: $52,432 (top 25-50%)
> Bachelor’s degree or higher attainment rate: 12.8% (bottom 10%)
15. Ponchatoula, LA
> Ratio of debt to earnings: 19.2%
> Median student debt: $15,974 (bottom 25%)
> Median earnings of bachelor’s degree holders: $83,389 (top 10%)
> Bachelor’s degree or higher attainment rate: 17.5% (bottom 25%)
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14. San Carlos, CA
> Ratio of debt to earnings: 19.1%
> Median student debt: $22,085 (top 25-50%)
> Median earnings of bachelor’s degree holders: $115,433 (top 10%)
> Bachelor’s degree or higher attainment rate: 68.3% (top 10%)
13. San Ramon, CA
> Ratio of debt to earnings: 19.0%
> Median student debt: $19,690 (bottom 25-50%)
> Median earnings of bachelor’s degree holders: $103,754 (top 10%)
> Bachelor’s degree or higher attainment rate: 70.9% (top 10%)
12. San Juan, TX
> Ratio of debt to earnings: 18.9%
> Median student debt: $10,331 (bottom 10%)
> Median earnings of bachelor’s degree holders: $54,672 (top 25-50%)
> Bachelor’s degree or higher attainment rate: 13.8% (bottom 10%)
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11. Morgan Hill, CA
> Ratio of debt to earnings: 18.7%
> Median student debt: $16,235 (bottom 25%)
> Median earnings of bachelor’s degree holders: $86,699 (top 10%)
> Bachelor’s degree or higher attainment rate: 42.7% (top 25%)
10. Vienna, VA
> Ratio of debt to earnings: 18.6%
> Median student debt: $19,966 (bottom 25-50%)
> Median earnings of bachelor’s degree holders: $107,143 (top 10%)
> Bachelor’s degree or higher attainment rate: 69.3% (top 10%)
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9. Fremont, CA
> Ratio of debt to earnings: 18.5%
> Median student debt: $17,461 (bottom 25%)
> Median earnings of bachelor’s degree holders: $94,345 (top 10%)
> Bachelor’s degree or higher attainment rate: 58.7% (top 10%)
8. Menlo Park, CA
> Ratio of debt to earnings: 18.2%
> Median student debt: $19,284 (bottom 25-50%)
> Median earnings of bachelor’s degree holders: $105,875 (top 10%)
> Bachelor’s degree or higher attainment rate: 70.5% (top 10%)
7. Sammamish, WA
> Ratio of debt to earnings: 18.2%
> Median student debt: $19,659 (bottom 25-50%)
> Median earnings of bachelor’s degree holders: $108,167 (top 10%)
> Bachelor’s degree or higher attainment rate: 75.1% (top 10%)
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6. Milpitas, CA
> Ratio of debt to earnings: 18.0%
> Median student debt: $15,070 (bottom 10%)
> Median earnings of bachelor’s degree holders: $83,743 (top 10%)
> Bachelor’s degree or higher attainment rate: 53.2% (top 25%)
5. Gilroy, CA
> Ratio of debt to earnings: 17.9%
> Median student debt: $15,413 (bottom 10%)
> Median earnings of bachelor’s degree holders: $86,061 (top 10%)
> Bachelor’s degree or higher attainment rate: 28.6% (bottom 25-50%)
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4. Delano, CA
> Ratio of debt to earnings: 17.8%
> Median student debt: $9,713 (bottom 10%)
> Median earnings of bachelor’s degree holders: $54,489 (top 25-50%)
> Bachelor’s degree or higher attainment rate: 7.4% (bottom 10%)
3. Bronxville, NY
> Ratio of debt to earnings: 17.4%
> Median student debt: $25,530 (top 10%)
> Median earnings of bachelor’s degree holders: $146,458 (top 10%)
> Bachelor’s degree or higher attainment rate: 75.1% (top 10%)
2. Sunnyvale, CA
> Ratio of debt to earnings: 16.1%
> Median student debt: $16,334 (bottom 25%)
> Median earnings of bachelor’s degree holders: $101,275 (top 10%)
> Bachelor’s degree or higher attainment rate: 65.9% (top 10%)
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1. Coachella, CA
> Ratio of debt to earnings: 12.7%
> Median student debt: $9,320 (bottom 10%)
> Median earnings of bachelor’s degree holders: $73,606 (top 10%)
> Bachelor’s degree or higher attainment rate: 3.3% (bottom 10%)
Methodology
To determine the cities that are most and least burdened by student debt, 24/7 Wall St. reviewed WalletHub’s 2022’s Cities with the Most & Least Student Debt, which found how leveraged residents are, when it comes to student debt, in 2,510 U.S. cities. For each city, WalletHub divided the median student-loan balance (based on TransUnion data from September 2021) by the median earnings of adults aged 25 and older with a bachelor’s degree.
We ranked the 25 most leveraged and the 25 least leveraged cities by this measure, adding the percentage of residents 25 and older with a bachelor’s degree or over for each city from the U.S. Census Bureau 2020 American Community Survey. Figures are five-year estimates for 2020. Only the city proper was included.
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