Student loans are that giant 800 pound gorilla of debt that hangs over the US economy. There are, however, several fintechs that have taken on this space, including SF-based Credible, which recently completed a $50M IPO on the Australian Securities Exchange, interestingly. The firm also recently expanded from student loans & refinancing of those loans into credit cards and personal loans. The following piece details the results of a study looking into American cities with the highest amount of student loan debt. Very interesting read.
(Cindy Taylor/Publisher)
By Ariha Setalvad - Credible.com Blog
If you’re struggling under a load of private student loans, you already know how hard it is to make ends meet.So it’s important for borrowers, especially recent grads, to think about the best places to live — the cities in which they’re not only likely to find a well-paying job, but also where rents and other living expenses aren’t so exorbitant so as to add to their pile of debt.
To figure out which cities student loan borrowers struggled the most in, we took a look at the top 23 most populous cities in the U.S. based on U.S. Census data. We then compared the average income of our borrowers in each of those cities with the average monthly housing payment and their average monthly student loan payment, to see how affordable student loan payments actually are for borrowers across the country.