ASHTABULA, Ohio — Student loan debt has crossed the $1.7 trillion mark nationwide, making it the second largest form of household debt in the United States — trailing only mortgages and surpassing both medical bills and car payments.
Now, a new report shows one Northeast Ohio city is carrying that weight harder than anywhere else in the country.
Out of more than 2,500 U.S. cities examined by WalletHub, Ashtabula claims the top spot for student loan debt relative to residents’ incomes.
Residents 25 and older in Ashtabula carry an average student loan debt of around $22,500. That number might not raise eyebrows on its own — but when you stack it against the city’s median annual income of just under $29,000, the picture shifts dramatically. The resulting debt-to-income ratio lands at roughly 78%, meaning for every dollar a resident earns, about 80 cents goes toward student loan debt.
Chip Lupo of WalletHub explained why that imbalance is so dangerous for borrowers.
“When you have mortgages, you have car payments, you have daily expenses, student loan debt kind of gets set off to the side. And then of course, late fees, interest, interest charges, not to mention damage to your credit report by letting those loans go unpaid,” Lupo said.
Lupo added that the report also carries a broader mission — pushing counties, cities, and civic organizations to actively lower tuition costs and expand scholarship opportunities, making college more affordable and keeping graduates planted in communities like Ashtabula.
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