2023-10-28 12:20:57
MIAMI.- Many students in USA They face a large amount of debt to obtain a university degree, which allows them to generate better job opportunities, so they have to go to loans students.
Federal student loans began accruing interest again on September 1, 2023. With the end of the student loan payment pause, students began making monthly payments again beginning in October.
Ending the pause on student loan payments after a 42-month period will affect students in some locations more than others. A report by personal finance website WalletHub revealed the states with the highest student loan payments in the American nation.
The study analyzed the most recent consumer data and compared average student loan payment amounts across all 50 states.
The highest average student loan payment amount was in Maryland, which came in first place with a figure of $232, followed by Vermont with a payment amount of $225.
In third place is Hawaii, with a student loan payment amount of $223.
Meanwhile, Massachusetts and New Hampshire rank fourth and fifth with $222 and $218 in student loan payments respectively.
Florida position
According to the research, Florida ranked 23rd among states with the highest student loan payments.
Although the Florida state is in a medium evaluation point in the ranking, it obtained a student loan payment amount of $187
“As the student loan payment moratorium came to an end and payments resumed, residents in some states are seeing higher student loan payment amounts than others,” the experts said.
10 states with the highest student loan payments:
Maryland – $232 Vermont – $225 Hawai – $ 223 Massachusetts – $222 Nuevo Hampshire – $218 Connecticut – $218 New Jersey – $216 Nueva York – $212 Virginia – $208 Colorado – $207
States with the lowest amounts
At the bottom of the list are Arkansas at No. 48, Wyoming at No. 49, and West Virginia at No. 50. with the lowest average student loan payment amounts of $158, $158 and $139, respectively.
10 states with the lowest student loan payments:
Nevada – $167 Missouri – $166 Montana – $166 Delaware – $163 Mississippi – $163 North Dakota – $160 Kentucky – $159 Arkansas – $158 Wyoming – $158 West Virginia – $139
New rules
The Biden Administration established new rules to strengthen college accountability and protections and help students protect themselves against unaffordable college debt.
Rules expected to come into effect in July 2024 to protect future generations of students, along with the paid employment rule.
However, the analysis indicates that despite these measures, the financial damage for students persists. About 43.8 million students in the US owe a total of $1.64 trillion in student loans. Figure that indicates an average of more than $37,000 of debt for each borrower.
Methodology
The specialists explain that they analyzed the most recent data on consumer finances from WalletHub, to determine the most and least expensive student loan payments by user and state.
Likewise, the resulting average payment amounts were used to order the states.
recommendations
WalletHub also offered Some Tips to Pay Off Student Loan Debt FasterAmong them, the team recommends:
Make a budget and have a plan in place to notice where you’re spending your money, “and see where you can cut back to pay off your student loan payment. Then keep reviewing it periodically for additional cost-cutting opportunities.”
On the other hand, they suggest make payments on time y increase income, “with a part-time job or a side job, or a completely different job that offers a better salary.”
“Making payments on time will help you avoid unnecessary fees or additional interest charges,” they stated.
They added that it is also possible access research loan forgiveness and repayment programs to eliminate some or all of your student loan debt. In turn, they invite you to check with an employer and check if they offer any tuition reimbursement programs that can help you pay your debt.
Lastly, they advise refinancing student debt “If you have a good or excellent credit score, you can transfer some of your student debt to a card with a 0% introductory APR to prevent interest from accruing and pay off what you owe sooner. Just be sure to pay off your balance before the card’s regular high interest rate takes effect,” they emphasized.
@Lydr05
FUENTE: With information from WalletHub
#worst #states #pay #student #loans