Money Matters - States with the Highest Student Loan Payments

 As new federal rules take effect to strengthen college accountability and expand protections for students, the personal-finance company WalletHub has released its latest report on the States with the Highest Student Loan Payments.

 

Highest Median Payment	Lowest Median Payment
1. Vermont ($248)	40. Delaware ($177)
2. Massachusetts ($241)	41. Idaho ($169)
T-3. Maryland ($240)	42. Tennessee ($167)
T-3. New Hampshire ($240)	43. New Mexico ($166)
5. New Jersey ($235)	T-44. North Dakota ($158)
6. New York ($229)	T-44. West Virginia ($158)
7. Connecticut ($227)	46. Kentucky ($158)
8. Illinois ($226)	47. Oklahoma ($157)
9. Virginia ($225)	48. Arkansas ($153)
T-10. California ($223)	49. Nevada ($145)
T-10. Colorado ($223)	50. Mississippi ($142)

To view the full report, please visit: 
https://wallethub.com/edu/states-with-the-highest-student-loan-payments/130621
 

 

“Monthly student loan payments vary quite a lot across the country. The median student loan payment in Mississippi is just $142 per month, while the median in Vermont is $248, an $106 difference. In either case, that leads to extremely long payoff timelines. With the average student loan debt of over $39,000 and a fixed interest rate of 6.39%, the rate for federal undergraduate loans, it would require a monthly payment of around $288 to pay off everything within 20 years.”

- Chip Lupo, WalletHub Analyst                            


More From WalletHub

• Student Loan Calculator
• Student Loan Debt Statistics
• States With the Most & Least Student Debt
• Cities With the Most & Least Student Debt