Texas is one of 19 states with student loan debt greater than the entire state budget
Monday, March 1, 2021
Through Jay Moreno on Mon March 1, 2021 at 13:23
A new study ranks Texas among the 19 states where residents have more student loan debt than their state’s total budget.
Justice for student loans – a group that advocates the return of bankruptcy protections for student loans – published the study, which compares the most recent data on student loans from the Ministry of Education with the most recent data on the state budget from the National Association of State Budget Agents.
Interestingly, the majority of states where student debt exceeded state budgets – 13 out of 19 – were states that Donald Trump won in the 2016 election.
Texas, housing around 3.6 million student loan borrowers rtenth in terms of student debt as a percentage of the state budget. Georgia had the dubious distinction of ranking at the top as its $ 48.2 billion state budget and $ 81.5 billion in student debt gave it the worst percentage.
The nation carries about $ 1.6 trillion in total student loan debt, with about $ 100 billion in annual interest, according to Justice for student loans.