(KOAM) — Students are more than two months into the school year, but unfortunately, students looking for higher education have to pay a pretty penny.
“Monthly student loan payments vary quite a lot across the country. The median student loan payment in Arkansas and Mississippi is just $142 per month, while the median in New Hampshire is $229, an $87 difference. In either case, that leads to extremely long payoff timelines. With the average student loan debt of $38,000 and a fixed interest rate of 6.53%, the rate for federal undergraduate loans, it would require a monthly payment of $284 to pay off everything within 20 years,” says Chip Lupo, WalletHub Analyst.
To find out where students have the highest student loans, WalletHub compared the the median student loan payment amounts across the 50 states.
The findings may surprise you, especially within the 4-States.
Top 10 States with the Highest Student Loan Payments:
- New Hampshire
- Massachusetts
- Vermont
- Connecticut
- New Jersey
- New York
- Illinois
- Maryland
- Colorado
- Virginia