Rhode Island Ranked Worst State for Students with Debt

Rhode Island is the worst state in the country for students with debt, according to a new report.

The personal finance network WalletHub ranked each state based on factors like unemployment rates and amount of debt upon graduation. Rhode Island has the third-highest unemployment rate, which was at 7.7 percent in August.

“Many graduates entering the labor market are realizing the hard way that a college degree can’t guarantee financial security,” WalletHub wrote. “Post-college success depends on numerous factors, an important one being location. Student loan borrowers will fare better in states that produce a combination of lower college-related debt levels, stronger economies and higher incomes.

“Save for mortgages, student loans constitute the largest component of household debt for Americans.”

Providence College’s tuition in the 2013-14 school year was $42,206, while the University of Rhode Island’s was $12,450 for in-state students and $28,016 for out-of-state students.

WalletHub ranked Utah the best state in its survey, which can be found here. Below is a map of the rankings:

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