CHARLOTTE, N.C. — A new WalletHub study ranked the cities with the most student debt and the No. 1 spot may surprise you.
Orangeburg, South Carolina, was No. 1 for cities with the most student debt. Researchers reviewed 2,500 American cities to compile the list and here's what they found.
At first glance, Orangeburg seems like an odd choice. A further look at the data reveals how they reached that conclusion. The median student loan debt is $28,000.
That may not seem high to some folks, but the median annual income for people with at least a bachelor's degree is about $33,000. The amount of student debt is too close to the annual income, with the average Orangeburg resident having an 84% debt-to-income ratio for student loans.
For comparison, the national average is around 34%. While the original study compared 2,500 cities, WalletHub came up with another list comparing only the country's largest cities. Charlotte came in at No. 5 overall.
To give a perspective on how bad the debt crisis is, student loans are the second-largest type of household debt in the country, second only to mortgages. The nation's $1.6 trillion debt works out to around $37,000 per borrower.
Contact Kia Murray at kmurray@wcnc.com and follow her on Facebook, X and Instagram.
WCNC Charlotte's Where's The Money series is all about leveling the playing field in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.
WCNC Charlotte To Go is a daily news and weather podcast you can listen to so you can start your day with the team at WCNC Charlotte.
SUBSCRIBE: Apple Podcasts || Spotify || Pandora || TuneIn || Google Podcasts || iHeart
All of WCNC Charlotte's podcasts are free and available for both streaming and download. You can listen now on Android, iPhone, Amazon, and other internet-connected devices. Join us from North Carolina, South Carolina, or on the go anywhere.