DAYTON, OH(WDTN) – The Buckeye State ranks high among states with the most student loan debt.
Financial website WalletHub looked at average loan debt among those between the ages of 25 to 34 and found that Ohio ranked fifth in the nation.
WalletHub states that aside from mortgages, student loans make up the largest component of household debt for Americans.
The Federal Reserve Bank of New York reports that at the end of the first quarter in 2018, the amount of outstanding college-loan balances disclosed on credit reports totaled out to $1.41 trillion.
The state with the most student loan debt was South Dakota, while Utah has the least.
The ranking was based on 11 key measures of indebtedness and earning opportunities.