Student Debt For Richfield Residents: How It Compares Across The US

Richfield MN

10 May, 2022

9:36 AM

Description

RICHFIELD, MN — Americans have a total of $1.61 trillion in student debt, which comes out to $37,000 per borrower. Wallethub recently conducted a study to determine where borrowers are burdened the most, and the least, across the United States. The data and information website compared the median student-loan balance against the median earnings of adults aged 25 and older with a bachelor's degree in more than 2,510 U.S. cities, including dozens in Minnesota. In Richfield, the average resident has $23,443 worth of student loan debt. The median earnings of a person with a bachelor's degree in the city is $55,086. Here's how Richfield stacks up against other cities in Minnesota: The Midwest city with the worst debt-to-salary ratio is Ypsilanti, Michigan. The average resident of Ypsilanti has $29,342 worth of student loan debt, and the average salary is $35,080. Meanwhile, the best debt-to-salary ratio can be found in Saratoga, California. In Saratoga, residents have about $19,575 in student loan debt, and make an average of $91,659 per year. Check out the entire WalletHub study here.