Overview

• WalletHub’s October 2 analysis ranked states by median monthly student loan payment using recent consumer finance data, with a national median above $190.
• Vermont leads at a $248 median payment, with Massachusetts second at $241; other high-payment states include Maryland and New Hampshire at $240 and New Jersey at $235.
• Mississippi posts the lowest median at $142, followed by Nevada at $145, Arkansas at $153, and Oklahoma at $157, while West Virginia ranks among the lowest at $158.
• Nationwide, 42.3 million borrowers owe about $1.67 trillion in student loans, averaging more than $39,000 per person.
• WalletHub analyst Chip Lupo estimates a borrower with the average balance at a 6.39% fixed rate would pay roughly $288 per month to retire the debt in 20 years, with guidance emphasizing budgeting, income boosts, forgiveness options, employer benefits, and careful refinancing.