ASHTABULA, Ohio — Student loan debt has surpassed $1.7 trillion nationwide, making it the second largest type of household debt in the United States, behind only mortgages and outpacing medical expenses and car payments.
Now, a new report reveals one Northeast Ohio city is feeling that burden more than anywhere else in the country.
Among more than 2,500 U.S. cities analyzed by WalletHub, Ashtabula ranks No. 1 for student loan debt relative to residents' incomes.
Adults 25 and older in Ashtabula carry about $22,500 in student loan debt on average. While that figure alone may not seem alarming, the city's median annual income sits just under $29,000 — creating a student loan debt-to-income ratio of about 78%. That means for every dollar earned, roughly 80 cents goes toward student loan debt.
Chip Lupo of WalletHub explained why that imbalance is so dangerous for borrowers.
"When you have mortgages, you have car payments, you have daily expenses, student loan debt kind of gets set off to the side. And then of course, late fees, interest, interest charges, not to mention damage to your credit report by letting those loans go unpaid," Lupo said.
Lupo said one of the goals of the report is to encourage counties, cities, and civic organizations to find ways to reduce tuition rates and create scholarship opportunities — to make college more affordable and keep graduates in communities like Ashtabula.
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