DAYTON — The cost of a four-year college degree is going up, and with that, Ohioans are shouldering these expenses.
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As reported on News Center 7 at 6:00 p.m., student debt is now the second-highest form of household debt after mortgages, according to a new WalletHub survey.
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The WalletHub survey revealed that some cities in the Miami Valley are feeling the weight of that heftier price tag more than other cities.
WalletHub said in their study that the U.S. collectively has $1.6 trillion in student debt, which calculates out to about $40K per student with a loan.
“So, $38,000 per borrower, that’s a substantial amount of money, especially if you’re a new grad and your starting salary is not likely to come close to this. It’s a huge problem, and it’s becoming unsustainable in a lot of parts of the country,” WalletHub analyst Chip Lupo said.
The average median student loan in Dayton is over $21,000. When you factor in the median salaries of just over $50,000, that equals more than 42% of the average person’s earnings.
The student debt in Centerville homes is just over 37% of the average person’s earnings.
Lupo said he advised students should more carefully consider their college major before picking their loan package.
“You want to get a rough idea about four years out about what the starting salaries are going to be for the type of work you want to be going into and then do the math and see if that’s going to be enough to start paying back your student loans,” Lupo said.
Ohio ranks in the top 10 states for the amount of money borrowed for a four-year degree, according to the study.
See the student loan debt statistics listed by city here.
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