Monthly Student Loan Payment Average
Average Student Loan Payment
The average student loan payment is $203 per month. This number varies depending on factors such as the student’s degree and whether they have any other loans. The average monthly payment for all borrowers in 2019 is $203. This figure represents an increase from the previous year, when it was $200 per month. The average amount borrowed by first-year students has also increased over time to about $12,000 for public four-year institutions and around $36,000 for private non-profit four-year schools. The median amount borrowed from all sources including federal, state, private and institutional loans combined is about $17,000 annually for public two-year institutions and about $13,000 annually for private non-profit four-year schools.
In Alabama, the average student loan payment is $154. The average student loan balance is $26,914. This means that the average monthly student loan payment in Alabama is $614 and the average monthly balance is $561
If you’re a student in Alaska, the average monthly student loan payment is $294. The average debt owed by these students is $22,000, while their average salary is $47,000. The average interest rate on these loans is 5.01%, and they have an average term of 10 years.
In Arizona, the average student loan payment is $135.71. The average student loan debt for Arizona residents is $30,920. The average interest rate for Arizona residents on their federal student loans is 6%. The average term length of an Arizona resident’s federal student loans is 10 years. Finally, the average origination fee for an Arizona resident taking out a new direct consolidation loan in 2019 was 1%.
Average student loan payment: $398
State average: $398
Average student loan balance: $29,567
Average student loan interest rate: 6.27%
Average student loan term: 10.3 years
The average monthly payment for loans taken out by students in Arkansas was $398. This amount is slightly higher than the state average of $398 because there are fewer colleges and universities in Arkansas than there are in other states. As a result, residents can’t take advantage of the lower tuition costs found at large research institutions such as Harvard or MIT that might help them to reduce their overall debt burden once they graduate.
California, with an average student loan payment of $541 and an average balance of $27,823, boasts the most expensive student loans in the country. California ranks second-to-last for interest rates (with an average rate of 6.6%), but ninth from last when it comes to term length (10 years).
- Average student loan payment in Colorado: $348
- Average student loan balance in Colorado: $26,534
- Percentage of students with student loan debt: 72%
- Average student loan debt in Colorado: $27,215 (0th highest)
- Average interest rate on all 30-year mortgages issued in 2017 was 4.63%, down from 5.31% a year earlier
Connecticut is the second-smallest state in the nation, but it’s also home to one of the smallest average monthly student loan payments. On average, Connecticut borrowers pay $297 per month on their student loans. That’s less than half of what we see in other states such as New York or California where borrowers are paying upwards of $500 per month for their loans. In fact, only three states have lower average monthly student loan payments: Nebraska at $280 per month; Minnesota at $290 per month; and South Dakota at $300 per month.
It should come as no surprise that Connecticut has one of the lowest average student loan balances in the country at just over $24,000—less than half that which we see across most states (which typically fall between $40k-$50k). New Hampshire has an even smaller balance with an average of just under 22k while Maine rounds out our list with only 19k on average!
In Delaware, the average monthly student loan payment is $153. The state’s average student loan debt is $30,731.
District of Columbia
The District of Columbia, home to the national capital and many government agencies, ranks No. 1 in average student loan payment ($289).
The average monthly student loan payment across all 50 states is $279.
Florida, the state with the third highest average student loan payment, and one of the top destinations for students to study in America (ranking in the top five states for both public and private universities), has an average student loan balance of $35,602. This is higher than any other state in America by almost $4,000. However, it’s important to note that this high number is largely due to out-of-state students who may not have opted for Florida’s low cost of living when choosing where they want to live or attend school.
Florida also has a fairly high percentage of borrowers with more than $100K in debt—around 11% compared to just over 8% nationally—and a relatively small chunk (2%) paying off less than $10K on their loans per year; meanwhile they have slightly lower amounts paid toward loans between $50K-$100K range as well as balances between $50K-$100K range compared to other states on average
Average student debt: $25,419.00
Average interest rate: 4.54%
Average term: 10 years
Average balance: $25,419.00
Monthly payment amount: $386.00
Hawaii is the place to be, according to a recent study. It’s home to the highest average student loan payment in America.
The typical borrower in Hawaii pays off $852 more every month than their peers elsewhere in the country. That’s an extra $10,000 per year!
Why do students there need so much help paying back their loans? It could be because they owe on average nearly $33,000—more than any other state except New Hampshire and Vermont. The cost of living is also high in Hawaii (the median home price is over $600K), so we can only imagine how much it costs for renters—they must be raking up some serious debt every month too!
- Average Monthly Student Loan Payment*
Idaho is the 6th most expensive state in which to pay off student loans. The average monthly student loan payment here is $221.58, over $100 more per month than the national average of $136.
There are many factors that go into determining how much your monthly student loan payment will be. The first thing you’ll want to consider is how your school is going to charge you for tuition and fees. Some schools are more expensive than others and require a higher down payment on average; some schools have lower interest rates and therefore require less money upfront.
It’s also important to understand what type of loans you might be eligible for, which can vary based on several different factors including the institution where you plan on attending college or trade school, whether or not there are other types of financial aid available through private lenders, etcetera.
Indiana student loan debt averages $31,795 and the average monthly payment is $263.
The average student loan debt per borrower in Indiana is $36,959.
The average amount of student loan debt from borrowers aged 65 and over in Indiana is $19,159.
The average amount of federal student loan debt for college graduates by college major in Indiana is: Education – $10,542; Engineering – $25,741; Liberal Arts & Sciences/Liberal Studies –$28,123; Health Professions & Related Programs –$33,577; Business Management & Administration –$38,869; Biological & Biomedical Sciences –$30,065
Iowa is the state that falls in the middle of the pack when it comes to student loan payments. The average monthly student loan payment here is $300, which would add up to a little over $3,000 per year.
Iowa has many great public universities and community colleges that can help students get their education debt free or at a much lower cost than private schools. There are also several affordable online universities with programs that offer flexible schedules and affordable tuition rates.
The average monthly student loan payment in Kansas is $122, and the average student loan debt for people with degrees from private schools in the state is $27,192.
The average monthly student loan payment in Kentucky is $351. In terms of the state’s average student loan balance and interest rate, it has an average debt of $27,977 and an average interest rate of 5.11%.
In Louisiana, the average monthly student loan payment is $316.
The average student loan debt in Louisiana is $24,912.17.
The average interest rate on a Louisiana student loan is 7%.
The average length of a student loan in Louisiana is 11 years.
The average monthly payment for outstanding loans in Louisiana is $316 per month, or about $4,000 per year.
Average monthly student loan payment: $135.94
Average student loan debt: $33,958.66
Average student loan amount: $33,958.66
Average student loan interest rate: 4.29%
Average student loan repayment term: 10 years and 11 months (301 months)
In Maryland, the average monthly student loan payment is $371. The average student loan balance in Maryland is $38,392. The average interest rate on a Maryland student loan is 6.17%, and the average term length of a Maryland student loan is 7.9 years.The average monthly student loan payment for a college student is $335. This means that the entire amount of student loan debt owed by a borrower is $9,000 in only two years. Take into consideration the fact that payments for private loans and lines of credit are not included in this number; it would take even longer to repay them on time each month!