Photo by Andy Jones.Washington is no. 1! Feel good? Well don’t. Because we’re No. 1 in student loan debt concentration.
As Gawker reported, a new Federal Reserve Bank report shows that Washington, D.C. has the highest concentration of consumers with active student loan debt in America. Yes, 25.9 percent of the city’s population is paying off their education. The city also has the highest average student debt per borrower at $41,230. The national average is $24,810.
It should not be surprising that Washingtonians carry a lot of student loan debt, as the city attracts many college-educated people to work here. D.C. is also home to many colleges and universities whose students may chose to continue living and working here while paying way too much money for a studio apartment. (Hand raised.)
Hawaii boasts the smallest concentration of student loan debt at 11.5 percent.
In happier news, D.C.’s student loan delinquency is quite low at 7.3 percent. South Dakota is the only state with less delinquency. Again, this makes sense as D.C. has been lightly tapped rather than hard hit by the recession.