RI Ranks 37th in Country for Student Debt
GoLocalProv News Team
RI Ranks 37th in Country for Student Debt
According to the study, Rhode Island ranks 41st in student loan indebtedness and 5 in grant and work opportunities.
"Save for mortgages, student loans constitute the largest component of household debt for Americans. And our collective debt keeps growing. At the end of the first quarter of 2016, total outstanding college-loan balances disclosed on credit reports stood at $1.26 trillion, according to the Federal Reserve Bank of New York. The latest figure represents an increase of $29 billion from the previous quarter and $72 billion from a year ago," said the study.
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Rhode Island is ranked 37 behind South Dakota and New York at 35 and 36 respectively, while ranking ahead of Iowa and Michigan at 38 and 39 respectively.
Utah is ranked as the best state for student debt, while District of Columbia is ranked as the worst state.
See the Map Below for Full Rankings
The Method
WalletHub's analysts compared the 50 states and the District of Columbia across two key dimensions including student loan indebtedness and grant and work opportunities for students.
They then evaluated the categories using nine metrics, with each metric being graded on a scale form 0-100, with 100 representing the most favorable conditions for student debtors.
WalletHub then calculated overall scores for each state using the weighted average across all metrics, which was used to come up with the final rankings.
Student-Loan Indebtedness - Total Points: 85
- Average Student Debt: Full Weight (~14.17 Points)
- Proportion of Students with Debt: Full Weight (~14.17 Points)
- Student Debt as a Percentage of Income: Double Weight (~28.33 Points)
Note: This metric was calculated by dividing overall state-level student debt per borrower by median household income (adjusted for cost of living).
- Percentage of Student Loans in Past-Due or Default Status: Full Weight (~14.17 Points)
- Percentage of Student-Loan Borrowers Aged 50 & Older: Full Weight (~14.17 Points)
- Note: This metric was adjusted for the population aged 50 and older.
Grant & Work Opportunities for Students - Total Points: 15
- Unemployment Rate for People Aged 25 to 34: Full Weight (~3.75 Points)
- Availability of Student Jobs: Full Weight (~3.75 Points)
Note: This metric measures student jobs per total civilian population aged 16 to 24 in the labor force.
- Availability of Paid Internships: Full Weight (~3.75 Points)
Note: This metric measures paid internship listings per total civilian population aged 16 to 24 in the labor force.
- Availability of Grants: Full Weight (~3.75 Points)
Note: This metric measures the percentage change (2014 vs. 2013) in state- and local-government grants per in-district and in-state undergraduate student.
RI 4 Year Colleges & Universities with the Highest Student Debt
#7 Rhode Island College
Average Student Debt: $23,110
Percent of Graduates with Debt: 79%
Non-Federal Debt, Percent of Total Debt of Graduates: 11%
Bachelor's Degree Recipients: 1,307
Full-time Enrollment Fall 2011: 5,794
In-State Tuition and Fees: $7,268
Total Cost of Attendance: $18,964
Percent Pell Grant Recipients: 36%
#6 Brown University
Average Student Debt: $23,521
Percent of Graduates with Debt: 37%
Non-Federal Debt, Percent of Total Debt of Graduates: 45%
Bachelor's Degree Recipients: 1,603
Full-time Enrollment Fall 2011: 6,114
In-State Tuition and Fees: $42, 230
Total Cost of Attendance: $56,150
Percent Pell Grant Recipients: 14%
#5 Providence College
Average Student Debt: $26,832
Percent of Graduates with Debt: 70%
Non-Federal Debt, Percent of Total Debt of Graduates: 21%
Bachelor's Degree Recipients: 914
Full-time Enrollment Fall 2011: 3,804
In-State Tuition and Fees: $40,975
Total Cost of Attendance: $54,840
Percent Pell Grant Recipients: 16%
#4 Univ. of Rhode Island
Average Student Debt: $30,387
Percent of Graduates with Debt: 77%
Non-Federal Debt, Percent of Total Debt of Graduates: 31%
Bachelor's Degree Recipients: 2,614
Full-time Enrollment Fall 2011: 11,672
In-State Tuition and Fees: $11,366
Total Cost of Attendance: $25,311
Percent Pell Grant Recipients: 24%
#3 Roger Williams Univ.
Average Student Debt: $38,550
Percent of Graduates with Debt: 66%
Non-Federal Debt, Percent of Total Debt of Graduates: 39%
Bachelor's Degree Recipients: 872
Full-time Enrollment Fall 2011: 3,834
In-State Tuition and Fees: $30,908
Total Cost of Attendance: $47,568
Percent Pell Grant Recipients: N/A
#2 Salve Regina Univ.
Average Student Debt: $39,996
Percent of Graduates with Debt: 80%
Non-Federal Debt, Percent of Total Debt of Graduates: 33%
Bachelor's Degree Recipients: 436
Full-time Enrollment Fall 2011: 1,904
In-State Tuition and Fees: $32,800
Total Cost of Attendance: $47,100
Percent Pell Grant Recipients: 24%
#1 Bryant University
Average Student Debt: $44,580
Percent of Graduates with Debt: 88%
Non-Federal Debt, Percent of Total Debt of Graduates: 53%
Bachelor's Degree Recipients: 831
Full-time Enrollment Fall 2011: 3,211
In-State Tuition and Fees: $34,624
Total Cost of Attendance: $50,153
Percent Pell Grant Recipients: 17%
