A new Federal Reserve Bank of New York report shows that Washington, D.C. has the highest concentration of consumers with active student loan debt in the U.S.
Approximately 26% of the city's population is paying off their education and the city also carries the highest average student debt per borrower at $41,230, nearly double the national average of $24,810. Hawaii boasts the smallest concentration of student loan debt at 11.5%.
Washington, D.C.'s student loan delinquency rate is relatively low at 7.3%. South Dakota is the only state with a lower rate.
The Fed's Quarterly Report on Household Debt and Credit provided a broader view of debt trends beyond student loans. For the first quarter ended March 31, outstanding household debt decreased by $110 billion, or 1%, driven largely by declines in housing and credit card balances.
Aggregate consumer debt declined in the first quarter, by $110 billion, resuming a longer-term downward trend. As of March 31, total consumer indebtedness totaled $11.23 trillion, 1% lower than its level in the fourth quarter of 2012. Overall consumer debt remains considerably below its peak of $12.68 trillion in the third quarter of 2008.