JACKSON, Miss. (WJTV) – As the national student loan moratorium comes to a close, recent data shows that Mississippians will be among the most impacted.
According to a recent WalletHub report, the Magnolia State is second only to Pennsylvania for how the moratorium ending will impact borrowers. Additionally, Mississippi has the highest percentage of student debt as a share of overall income. It also has the fourth-highest share of residents with student debt nationally.
To determine its overall rankings, WalletHub had two broad categories: Student Loan Indebtedness and Student Loan Forgiveness. Below are the factors that WalletHub analyzed for each category.
Student Loan Indebtedness
- Average student debt per borrower.
- Share of graduates with debt.
- Average student debt as a share of income.
- Share of state residents with student debt.
- Share of student loans in past-due or default status.
- Share of federal student loan borrowers enrolled in an income-driven repayment plan.
- Presence of student loan borrower bill of rights.
- Presence of student debt cancellation plans.
Student Loan Forgiveness
- Average student loan debt eligible for forgiveness per borrower.
- Share of student loan borrowers eligible for forgiveness.
- Share of student loan debt eligible for forgiveness.
- Taxation of student loan forgiveness.
In a national WalletHub survey of more than 300 people, more than 75% of people with student loan debt said the student loan moratorium was helpful for them. Conversely, nearly half of the people surveyed also thought that the student loan moratorium was not fair to American taxpayers.
