Best and Worst Cities for Student Loan Borrowers
For recent dental school graduates, loan payments are a heavy burden, leading some to question whether their profession is worth the more than $260,000 in debt. Credible Labs Inc. released a study analyzing U.S. cities in relation to overall student loan debt. Continue below to find out which locations owe the most and the least in loans.
The average debt borrowers graduate with is more than $37,000, according to Credible.
At the American Dental Education Association’s (ADEA) estimate of $261,149, the price tag on becoming a dentist is no small fee.
RELATED:
- Hiring an Associate? Here's How to Make It Work
- The Top and Bottom 10 Cities for Operating Efficiency
- Look for Advisors Committed to Doing No Harm
But according to Credible Labs Inc.’s latest study, not all cities are created equal when it comes to managing student loan debt. Employment rates, rent and living expenses vary, so it is crucial for recent grads to consider these factors when choosing where to start their lives as young professionals.
Using census data, Credible analyzed the 23 most populous U.S. cities and compared the average income of borrowers with their average monthly housing payment and the average monthly loan payments. Here are the most and least affordable places for post-grads with debt.
Worst Cities for Student Loan Borrowers
·San Jose, CA: $572 per month. With housing costs, this totals 31.47 percent of borrowers’ monthly income.
·Fort Worth, TX: $548 per month. With housing costs, this totals 31.45 percent of borrowers’ monthly income.
·Boston, MA: $689 per month. With housing costs, this totals 31.40 percent of borrowers’ monthly income.
·Los Angeles, CA: $690 per month. With housing costs, this totals 31.24 percent of borrowers’ monthly income.
·Denver, CO: $636 per month. With housing costs, this totals 31.18 percent of borrowers monthly income.
Best Cities for Student Loan Borrowers
·Dallas, TX: $688 per month. With housing costs, this totals 26.24 percent of borrowers’ monthly income.
·Jacksonville, FL: $671 per month. With housing costs, this totals 26.65 percent of borrowers’ monthly income.
·Houston TX: $628 per month. With housing costs, this totals 26.94 percent of borrowers’ monthly income.
·Columbus, OH: $663 per month. With housing costs, this totals 27.38 percent of borrowers’ monthly income.
·Austin, TX: $587 per month. With housing costs, this totals $27.84 percent of borrowers’ monthly income.
Key Numbers
·$665: The average borrower monthly student loan payment across the U.S.
·$1231: The average borrower monthly housing payment.
·$77,698: The average borrower annual income.
Discover more Dentist’s Money Digest® news here.
