Curious how the student loan bubble, just shy of $1 trillion, and now the largest debt portion of the US household non-mortgage wallet, bigger than credit card and auto loan debt - affects your state? Then the following three charts just out from the NY Fed [3]are for you.
What the data shows is that less than 12% of the population in Hawaii has student loans, while the record is in D.C. at over 25%. All those "students" in the nation's capital. Really?
But that's not all. While the average loan balance is under $21,000 in Wyoming, it is once again highest in D.C., with the average loan balance over $40,000. It is almost as if D.C. "students" have learned how to game the system.
Yet where the very "studious" population in the capital city truly excels is in the amount of delinquency: here it is all West Virginia at the top with over 18% of all loans delinquent 3 months and over, while DC is not even in the top 10 - must be all those well-paying jobs for interns and college grads in the beltway. It is almost as if someone is closing their eyes when it comes to the delinquencies of DC borrowers. But that would be yet another preposterous conspiracy theory of course...
Borrowers as share of population:
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By far the most striking thing of the map is how closely it follows the political (Democrat and Republican) divide of the Country.
ReplyDeleteIf it ends in a bailout there is no question which party will benefit the most.