Banking & Finance, Higher Education, and Human Resources

Grand Rapids ranks among top cities with 'most student debt'

May 11, 2018
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Grand Rapids is in the 93rd percentile of U.S. cities with the "most" post-college debt.

WalletHub, a personal finance website, released this week its 2018 report on the “Cities with the Most Student Debt.”

It shows Grand Rapids ranks near the top of a list of 2,515 cities with high student debt-to-income ratios.

Wyoming is ranked in the 82nd percentile, Holland is in the 72nd percentile, Kalamazoo is in the 95th percentile, Muskegon is in the 68th percentile and Grand Haven is in the 84th percentile.

Methodology

WalletHub compared the median student-loan balance to the median earnings of adults ages 25 and older who have bachelor’s degrees.

Student debt in Grand Rapids

Median student debt: $20,282

Median earnings of bachelor’s degree holders: $37,547

Ratio of median student debt to median earnings: 54.02 percent

Student debt in Wyoming

Median student debt: $18,468

Median earnings of bachelor’s degree holders: $39,814

Ratio of median student debt to median earnings: 46.39 percent

Student debt in Holland

Median student debt: $17,598

Median earnings of bachelor’s degree holders: $40,820

Ratio of median student debt to median earnings: 43.11 percent

Student debt in Kalamazoo

Median student debt: $21,728

Median earnings of bachelor’s degree holders: $38,430

Ratio of median student debt to median earnings: 56.54 percent

Student debt in Muskegon

Median student debt: $15,154

Median earnings of bachelor’s degree holders: $36,214

Ratio of median student debt to median earnings: 41.85 percent

Student debt in Grand Haven

Median student debt: $19,694

Median earnings of bachelor’s degree holders: $41,492

Ratio of median student debt to median earnings: 47.46 percent

Other cities in Michigan

Detroit: 87th percentile

Hamtramck: 99th percentile

Ann Arbor: 99th percentile

Ypsilanti: 99th percentile

Lansing: 95th percentile

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