19.8 percent of Tennesseans with student loans in default
MURFREESBORO, Tenn. (WMOT) -- A new report says nearly one-in-five Tennesseans with a student loan is in default.
A spokesperson for the personal finance website WalletHub.com is calling student debt in America a “national crisis.” The study ranks student debt relative to the each state's economy.
Utah was ranked the best state for student debt, Rhode Island was ranked the worst. Tennessee did relatively well, coming in at 25th.
But when it comes to student loan default rates, WalletHub’s Jill Gonzalez says Tennessee didn’t fare quite as well.
“Vermont had the lowest at 10 percent. Mississippi had the highest at 25 percent, so a quarter of all students with loans being in default. Tennessee didn’t do the best. It was 19.8 percent, coming in at around 40th for all the states.”
WalletHub says the student loan debt burden in America is now exceeded only by home mortgages. About 11 percent of all student loans are currently in default.
You can review the complete Wallethub report online.