College Debt Burden Heaviest On These Hudson Valley Communities: New Report

Most local high school students go on to college. Increasing numbers of them graduate with big loans to repay. A new study found 11 Hudson Valley communities are among the US cities whose residents owe the most.

LendEDU’s report, entitled “U.S. Cities with the Highest & Lowest Student Debt Balances” provides a detailed look at which U.S. cities owe the most and least in student loan debt.

Student loan debt is the second highest form of debt in the U.S., second only to mortgages. In 2017, there are 43.3 million student loan borrowers who collectively owe $1.41 trillion in outstanding student loan debt. Six out of 10 students will graduate from college (something our society says they need to do) with debt. On average, these student borrowers will owe $28,400.

"For most, student loan payments have become another monthly expenditure that eats away at earnings, similar to a rent, electric, or water bill," the researchers said. "How big has the student loan debt crisis become? A few statistics can paint a pretty bleak picture."

As for the study's methodology, LendEDU used data licensed from Experian to pinpoint the 500 U.S. communities where the average student debt balances are highest and where they're lowest. To be considered for the study, a town or city had to have a population above 15,000.

How bleak is the picture for New Yorkers? Well, there are no New York communities in LendEDU's list of 500 cities with the lowest average student loan debt.

Two towns in Texas lead the rankings both for highest and lowest student loan debt. Kaufman, Texas has an average $10,924.70, ranking No. 1 among communities with the lowest burden, while Helotes, Texas actually ranks No. 1 on the heavy burden list, with an whopping $59,803.10 debt average.

In New York, Manhasset tops the highest-average debt list with an average $53,675.00 in debt, ranking No. 3 nationally.

Here are the Hudson Valley communities that made the highest student loan debt list, listed by national ranking and average debt:

60. Rye - $43,093.10

63. Scarsdale -$42,810.80

79. Bronxville - $42,198.50

170. Larchmont - $39,638.20

196. White Plains - $39,095.46

260. Tarrytown - $38,165.90

261. New Rochelle - $38,161.40

269. New City - $37,975.40

329. Mamaroneck - $37,166.40

353. Suffern - $36,926.80

384. Nyack - $36,569.20

Image: LendEDU

Are you a college grad, or the parent of one, juggling student loan debt? Tell us about it in the comments.

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