Summary
A study by WalletHub shows that student loan payments vary by state, with Vermont having the highest and Mississippi the lowest. Around 43 million Americans owe federal student loan debt, totaling $1.6 trillion. Recent changes in government policies affect how loans are repaid, with former presidents Biden and Trump taking different approaches.
Key Facts
- Vermont has the highest average student loan payment at $248 per month.
- Mississippi has the lowest average payment at $142 per month.
- Nearly 43 million Americans hold federal student loan debt totaling $1.6 trillion.
- Loan payment amounts vary due to factors like college costs and local living expenses.
- President Biden canceled over $183.6 billion in student loans for more than 5 million people.
- Former President Trump paused a student loan forgiveness program in 2024, which later resumed.
- Trump introduced a new repayment plan, Repayment Assistance Plan (RAP), for future implementation.
- The RAP plan will calculate payments as 1 to 10 percent of adjusted gross income.
