10 cities where college graduates owe more than they earn

Cleveland residents hold an average of $56,922 in student loan debt.iStock / PapaBear

Students rack up thousands of dollars in loans working their way through college on the assumption that a degree opens doors to the high-paying jobs that will help them pay it all off and become financially independent. But unfortunately, that's not always true. 

Despite increases in student loan debt, not all local economies are equipped to offer the salaries necessary for graduates to get out of the red.

Credit Sesame, a credit and loan management company, took a look at the places where the median annual income for those with a bachelor's degree or higher is less than the average student loan balance. In short, places where graduates owe more than they're earning. 

To find these cities, Credit Sesame analyzed its database of over eight million people, comparing average student loan debt per person to median annual household income in locations with a minimum of 350 Credit Sesame members. 

While cities like San Francisco and New York have a high cost of living, the prevalence of lucrative jobs in tech and finance tempers the debt-to-income ratio. Credit Sesame found that cities without a major industry like these typically offer lower salaries, so residents remain saddled with debt.

Read on to see 10 cities where college graduates earn less per year on average than they owe in student loans.