Money Matters - Where Student Loan Debt Hits Hardest

 Paying off student debt is a long-term financial issue for many Americans.

 

A new state-by-state analysis from Credible uses federal data to map where Americans are shouldering the heaviest student loan burdens and how long it could take them to pay it off.

 

Borrowers in Maryland carry the highest average student loan balance in the country, at $43,354. Maryland is followed by Georgia ($41,012), Virginia ($39,532), Florida ($38,874), and Illinois ($38,604).

 

The states with the lowest average balances per borrower include North Dakota, Iowa, South Dakota, Wyoming, and Wisconsin.

 

The report also identified where it will take the longest to repay student loans based on household income under the Income-Contingent Repayment Plan. Mississippi is #1 with a projected payoff date of May 2039. Also topping the list is West Virginia, Louisiana, Arkansas, and Kentucky.

 

Take a look at the full report to learn more.