/Average Student Loan Payment

Average Student Loan Payment

Annual Student Loan Payment

The annual student loan payment is $10,865.

Total Student Loan Debt by Degree Level

Degree Level Average Student Loan Debt Per Borrower Undergraduate $23,210 Graduate $52,405

Student Loan Debt by State

State/Territory Average Student Loan Debt Per Borrower Percentage of Student Loan Debt by State Average Student Loan Debt Per Borrower Percentage of Student Loan Debt by State Alaska $31,034 5.37% $44,974 5.84% Alabama $27,764 4.84% $34,574 4.30% Arkansas $26,081 4.51% $32,948 4.07% Arizona $26,008 4.49% $33,859 4.12% California $25,965 4.48% $40,098 4.81% Colorado $25,603 4.41% $34,049 4.10% Connecticut $25,236 4.34% $42,923 4.73% District of Columbia $25,129 4.32% $45,200 4.97% Delaware $24,918 4.28% $39,531 4.66% Florida $24,902 4.28% $40,001 4.77% Georgia $24,865 4.27% $37,252 4.36% Hawaii $24,811 4.26% $46,022 5.01% Iowa $24,772 4.25% $29,643 3.71% Idaho $24,441 4.18% $33,393 4.09% Illinois $24,388 4.16% $44,843 4.99% Indiana $24,349 4.16% $33,622 4.10% Kansas $24,203 4.12% $32,833 4.05% Kentucky $24,171 4.11% $37,959 4.45% Louisiana $23,960 4.05% $38,447 4.51% Massachusetts $23,919 4.05% $43,917 4.83% Maryland $23,878 4.03% $41,070 4.73% Maine $23,845 4.03% $35,955 3.97% Michigan $23,799 4.02% $38,192 4.48% Minnesota $23,723 4.00% $41,822 4.74% Missouri $23,717 4.00% $33,188 3.98% Mississippi $23,691 3.99% $34,822 4.11% Montana $23,664 3.99% $29,976 3.73% North Carolina $23,637 3.98% $36,842 4.23% North Dakota $23,630 3.98% $34,908 4.14% Nebraska $23,635 3.98% $34,865 4.12% New Hampshire $23,554 3.95% $37,732 4.38% New Jersey $23,552 3.95% $47,924 5.15% New Mexico $23,532 3.94% $36,062 4.18% Nevada $23,491 3.93% $33,958 4.10% New York $23,485 3.93% $44,966 4.99% Ohio $23,483 3.93% $35,396 4.02% Oklahoma $23,467 3.92% $29,961 3.72% Oregon $23,451 3.91% $36,757 4.25% Pennsylvania $23,451 3.91% $34,541 4.08% Rhode Island $23,440 3.91% $40,124 4.78% South Carolina $23,430 3.91% $37,072 4.32% South Dakota $23,386 3.89% $29,066 3.67% Tennessee $23,357 3.88% $35,454 4.01% Texas $23,384 3.88% $36,541 4.22% Utah $23,388 3.88% $35,715 4.04% Virginia $23,368 3.87% $39,523 4.66% Vermont $23,348 3.86% $31,942 3.95% Washington $23,335 3.86% $34,837 4.12% Wisconsin $23,284 3.84% $40,934 4.79% West Virginia $23,227 3.81% $30,989 3.82% Wyoming $23,188 3.80% $30,823 3.79%

Who Holds the Most Student Loan Debt?

It may be surprising to learn that the majority of student debt is held by non-traditional students. In fact, just 44% of student debt is held by those attending a four-year institution.

In the graph below, you can see that nearly half of all student loan debt is held by those attending a two-year institution.

Who Holds the Most Student Loan Debt?

Student Loan Debt by Age

The average student loan borrower is approximately 29 years old when they graduate college. In the graph below, you can see that the average borrower is younger for those who attend a two-year institution than a four-year institution.

Age Average Student Loan Debt Per Borrower Percentage of Student Loan Debt by Age Percentage of Student Loan Debt by Age 18-20 $3,219 0.84% 0.21% 21-22 $10,844 3.62% 1.27% 23-24 $23,848 6.59% 2.48% 25-26 $24,902 6.99% 3.02% 27-28 $25,861 7.32% 4.47% 29-30 $26,997 7.73% 6.50% 31-32 $26,513 7.57% 7.99% 33-34 $28,383 8.09% 9.03% 35-36 $30,460 8.53% 10.66% 37-38 $33,958 9.10% 12.75% 39-40 $39,717 9.82% 14.

If you’ve been looking for a job for six months, you’re not alone. There are millions of Americans out of work for six months or more.

There are a lot of factors that contribute to this, but one of the biggest is the recession which has left many out of work. According to the Bureau of Labor Statistics, the unemployment rate in the United States is still hovering around 8.5%.

What’s worse is that when you’re out of work for an extended period of time, it can be even harder to find a job.

According to the Federal Reserve Bank of New York, about two-thirds of the people who have been unemployed for six months or more have looked for a job in the past year.

The longer you’re out of work, the harder it is to get back into the workforce. This is where student loan debt comes in.

If you have student loan debt, your student loan payments will be a major contributor to your overall expenses. If your debt payments are higher than your income, then you can’t afford to get a job.

Student Loans as a Percent of Income

If you have student loan debt and you can’t afford to pay it, then you may be considering defaulting on your student loans. This is the worst idea in the world. It will be extremely hard to get approved for another loan after you default, and you’ll be stuck with a big black mark on your credit history.

Instead, look at your income and expenses and see if there are any ways to lower them. If you have a high student loan payment, and you can’t pay it, then look at ways you can get a job that pays more.

If you’re living with your parents, then maybe you can get your own place. If you have a high student loan payment and you’re going to school, then go to a less expensive school.

There are tons of ways to get out of student loan debt if you’re willing to make sacrifices. If your student loan debt is a major contributor to your high expenses, then you need to be creative and try to lower your student loan payments.

If you can’t lower your student loan payments, then you can’t afford to get a job. You may be stuck in neutral until you can lower your debts.

What do you think? Are student loan payments a major contributor to your high monthly expenses?