The Student Loan Payment Divide: $258 In One State, $160 In Another
By CU Today Staff —
MIAMI—Median monthly student loan payments vary by nearly $100 depending on where borrowers live, with Vermont recording the highest payment and Wyoming the lowest, according to a new analysis from WalletHub.
WalletHub found Vermont’s median payment is $258, followed by Massachusetts at $250, Maryland and New Hampshire at $249 each, and Connecticut at $247. At the other end of the rankings, Wyoming and Arkansas had median payments of $160, followed by North Dakota at $161, Kentucky at $162 and West Virginia at $165.
The analysis found substantial geographic differences beyond the states at the extremes. New Jersey ranked sixth at $246, followed by New York at $242, Illinois at $238, California at $237 and Rhode Island at $236. Ohio, which ranked 25th, was near the middle of the rankings with a $206 median monthly payment.
WalletHub said it ranked all 50 states using its latest consumer-finance data to determine the median student loan payment per user in each state. The company noted that about 42.6 million Americans collectively owe $1.72 trillion in student loans, equivalent to nearly $40,500 per borrower.
Originally reported by CU Today.