Description of the Indicator
This indicator identifies characteristics of student loan debt, including the share of the population with debt, the share of student loan holders in default, median student loan debt, total loan debt in default, and the median monthly payment for student loans.
Why is it important?
Student loan debt is crucial to incorporate into understanding a region’s economic outlook because it challenges the resilience of a younger generation and affects decisions regarding employment, location, housing, and savings.
How is the region performing?
Depending on the county, between 15.0 percent and 21.0 percent of the regional population has taken student loans. The share of student loan holders with debt in default increased significantly from 2023, aligning with the end of the COVID-19 payment pause in October 2023. Both the median student loan debt and median monthly payment increased from the previous year, with the exception of Wyoming County’s median monthly payment.