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Massachusetts ranks among the highest for student loan payments, WalletHub reports
Mass. borrowers have the second-highest monthly median student loan payment.
Massachusetts has the second highest median student loan payment, according to WalletHub.
The median student loan payment for Massachusetts borrowers is $241 each month, according to the report released on Oct. 2. Mass. falls just behind Vermont, where the borrowers pay a median of $248 each month. More than 40 million Americans hold government-issued student loans, and they collectively owe more than $1.6 trillion.
“With the average student loan debt of over $39,000 and a fixed interest rate of 6.39%, the rate for federal undergraduate loans, it would require a monthly payment of around $288 to pay off everything within 20 years,” wrote WalletHub analyst Chip Lupo.
The state with the smallest student loan payment was Mississippi, at just $142 per month.
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WalletHub analyzed its latest consumer finance data to rank U.S. states by median student loan payment per borrower, listing those with the highest and lowest payments.
Source: WalletHub
According to Investopedia, Massachusetts has about 921,000 borrowers with $32.6 billion in federal student debt, plus another $2.58 billion in private loans.
Federal loan repayment processes have changed recently given new guidelines by the Trump administration and the impact of the government shutdown.
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