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2h ago

WalletHub Ranks States by Median Student Loan Payment With Vermont Highest and Mississippi Lowest

The new analysis underscores wide geographic gaps as 42.3 million Americans owe $1.67 trillion and typical monthly payments exceed $190.

The Department of Education building in Washington. A U.S. district judge said the court couldn't rule on how the federal government distributes money. MUST CREDIT: Wesley Lapointe/For The Washington Post
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Overview

  • WalletHub’s Oct. 2 study analyzed consumer-finance data to calculate each state’s median monthly student loan payment and published a ranked list.
  • Vermont leads at a $248 median payment, Mississippi is lowest at $142, and West Virginia is among the lowest at $158, a spread of $106 between the extremes.
  • Massachusetts ranks second-highest with a $241 median monthly payment, according to the report.
  • WalletHub’s Chip Lupo notes that with average debt over $39,000 at a 6.39% fixed rate, roughly $288 per month would retire the balance in 20 years.
  • The report offers repayment tips including setting a budget, increasing income, exploring forgiveness and employer benefits, and considering refinancing, with the full state-by-state breakdown available on WalletHub’s site.