For many students, earning a degree also means incurring student loan debt. (Photo by: Joe Sohm/Visions of America/Universal Images Group via Getty Images)
ORLANDO – Ongoing research shows that having a college degree leads to higher earnings over your lifetime and is still worth the investment to ensure a life of financial stability and well-being. But for many students, earning a degree also means incurring student loan debt.
States with the highest monthly student loan payments
By the numbers:
A study by WalletHub found student debt varies by where you live. An analysis of consumer data identified what states have the highest and lowest median monthly student loan payments. The study found that the median student loan payment was lowest in Mississippi at $142 per month, while in Vermont it is $248, a difference of $106 a month.
Tips to pay off your student loan debt faster
- Make and commit to a budget: Examine how you are spending your money and look for ways to cut back so you can afford to make your student loan payment. Commit to keeping your spending plan in place and review it periodically to see if there are other ways to cut costs.
- Increase your monthly income: Look for a part-time job to supplement your income or seek out similar employment that pays more.
- Look for loan forgiveness and repayment programs: Get online and look for programs that may help eliminate some or all of your student loan debt. There are several programs where certain professions, such as teachers and medical fields, qualify for a unique forgiveness program.
- Ask your employer: Many employers offer assistance to employees who further their education, such as tuition reimbursement programs.
The Source: The information in this story comes from a WalletHub study that analyzed the latest data on consumer finances to determine the median student loan payment per user by state, and used the resulting median payment amounts to rank-order the states. The story was reported from Orlando.
