Athens, Georgia ranks poorly for student loan debt, according to reports from the personal-finance website WalletHub. Analyst Jill Gonzalez says small college towns like Athens commonly experience issues with debt.
“Athens is in the 99th percentile when it comes to student debt, so it really can’t get any worse here,” said Gonzalez. “That’s no outlier, there are mostly smaller college towns or cities that are in that 99th percentile because there’s more student debt there and people are earning less there.”
A big issue in Athens is the debt to earnings ratio.
“The median student debt is just over $25,00 for graduates, and the median earnings of a bachelor’s degree holder out of college is around $32,000, said Gonzalez. “So, when your debt is pretty much matching your income, that is not a good thing.”
Gonzalez says using tools like a student loan calculator and trying personal budgeting can help reduce debt.
“A lot of student debt or at least student loans sometimes are going towards ritzier housing options or new clothes, things that are not your actual study. Hopefully looking at this [report] and putting everything in perspective will help students take on less debt now, rather than have more to pay later.”
For more information:
https://wallethub.com/student-loan-calculator/