Ohio ranked as the No. 9 state for the most student loan debt in the country

Nearly 8,000 Ohioans had their student debt erased in February 2024, which was good news for those saddled with loan payments.

Despite that, Ohio ranks ninth in the country for the most student debt, according to a July 31 study from personal finance site WalletHub . The ranking compared all 50 states' average student loan debt along with the unemployment rate among 25 to 34-year-olds. The verdict: Ohio is one of the top states that bear the burden of student debt.

National student loan debt exceeded $1.6 trillion at the end of the second quarter of 2024, according to the U.S. Department of Education . WalletHub notes that this amounts to roughly $38,000 of outstanding college-loan balances for each of the 42.8 million borrowers.

Speaking of student loan debt: 1 million Ohioans applied for student loan forgiveness. It's unclear if they'll get it

“College keeps getting progressively more expensive, and so does borrowing money to attend," WalletHub analyst Cassandra Happe said. "Federal student loan interest rates are rising to a 12-year high for the upcoming academic year, so it’s important to plan carefully when borrowing."

Happe suggests that students consider other funding outside of loans, such as financial aid and grants. They advised that attending colleges in less expensive states could help ease the burden, and to carefully examine just how much students can afford to borrow before taking out a loan.

Ohio's student debt by the numbers

In addition to Ohio coming in ninth for the most student debt, the Buckeye State ranked No. 7 for student debt as a percent of income, adjusted for cost of living.

The state also came in at No. 17 for both average student debt and proportion of students with debt. Ohio was near the middle of the pack for student loan default and unemployment for those aged 25 to 34.

• Overall rank: No. 9
• Student debt as a percentage of income: No. 7
• Average student debt: No. 17
• Proportion of students with debt: No. 17
• Availability of student jobs: No. 18
• Unemployment rate of the population aged 25 to 34: No. 27
• Percentage of student loans past due or in default: No. 29

Student debt ranking by state

Here's how the rest of the states and Washington, D.C., rank, according to WalletHub Data:

1. Mississippi
2. Pennsylvania
3. Delaware
4. West Virginia
5. South Carolina
6. New Hampshire
7. South Dakota
8. New Jersey
9. Ohio
10. Kentucky
11. Georgia
12. Arkansas
13. Louisiana
14. Michigan
15. Alabama
16. Kansas
17. North Dakota
18. Connecticut
19. Indiana
20. Rhode Island
21. Oklahoma
22. Texas
23. Iowa
24. North Carolina
25. Wisconsin
26. Missouri
27. Illinois
28. Minnesota
29. Nebraska
30. New York
31. Montana
32. Tennessee
33. Maryland
34. Maine
35. Vermont
36. Massachusetts
37. Arizona
38. Idaho
39. Virginia
40. District of Columbia
41. Florida
42. Nevada
43. Oregon
44. Colorado
45. Wyoming
46. Alaska
47. New Mexico
48. California
49. Washington
50. Hawaii
51. Utah

This article originally appeared on Cincinnati Enquirer: Ohio ranked as the No. 9 state for the most student loan debt in the country