As well as assessing the average monthly student loan payment by state, LendEDU additionally found out how many years it should take U.S. residents from each state to fully repay their student loan debt.
Student loan debt in the U.S. has been growing rapidly since 2006, rising to $1.6 trillion by 2019, which is roughly 7.5 percent of GDP.
The report contains several findings of interest, some of which reveal state-by-state diversity in terms of practice and debt levels. For example, the state of Massachusetts had the highest average monthly student loan payment at $229.02. This is followed by New Jersey (at $225.56), Connecticut (at $225.26), New York (at $223.10), and California (with $221.17).
In contrast to these high levels, Wyoming had the lowest average monthly student loan payment, at $176.46. This was followed by Idaho (at $176.98), Nevada (at $190.57), South Dakota (at $191.74), and Louisiana (with $192.62).
Aside from these high and low levels, U.S. nationwide, the average monthly student loan payment was found to be $210.73.
As well as monthly fees, another interesting statistic relates to how long it takes a typical student to repay their debts. Here Utah was found to have the quickest predicted student loan payoff time (at 8.14 years). This was followed by California (coming in at 8.49 years), New Mexico (at 8.61 years), Alaska (at 8.91 years), and Washington (at 9.30 years).
In contrast to these relative shorter-term loan repayment periods, New Hampshire was found to have the longest predicted student loan payoff time (at 14.40 years). This rate was followed by Connecticut (found to be 14.34 years), South Dakota (assessed as 13.86 years), Rhode Island (at 13.82 years), and Pennsylvania (predicted to be 13.68 years).
Across the U.S. as a whole, the nationwide average student loan payoff time was found to be 11.30 years.
The collected data represents the first time that the average monthly student loan payments by state has been published. Neither ad the estimated student loan payoff timeline by state been presented. The data was derived from an aggregated analysis of anonymized data from Truebill users, which included nearly 150,000 student loan payments ranging from 2015 to 2019.
