New Yorkers are spending more money on monthly student loan payments than residents of nearly any other state, according to a new study.
Wallethub, an online financial advisory site, recently released its study of States with the Highest Student Loan Payments, with New York ranking among the top 10 states in the nation.
“Monthly student loan payments vary quite a lot across the country. The median student loan payment in Mississippi is just $142 per month, while the median in Vermont is $248, a $106 difference. In either case, that leads to extremely long payoff timelines,” said Wallethub analyst Chip Lupo.
“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,” he continued.
New York ranked sixth overall with a median monthly student loan payment of $229, behind only Vermont ($248), Massachusetts ($241), Maryland ($240), New Hampshire ($240) and New Jersey ($235), which ranked first through fifth, respectively.
The states with the lowest median monthly student loan payments were Mississippi ($142), Nevada ($145), Arkansas ($153), Oklahoma ($157) and Kentucky ($158).
Wallethub offered the following tips for those looking to pay off their student debt more quickly.
Make a Budget: Take a look at where you are spending your money and see where you can cut back in order to afford your student loan payment. Once you have a plan in place, follow it as best as you can and review it periodically for additional cost-cutting opportunities.
Increase Your Income: You may be able to add some additional cash-flow with a part-time job or side hustle, or you can consider a different job altogether that offers better pay.
Research Loan Forgiveness and Repayment Programs: These programs may help eliminate some or all of your student loan debt. Some professions, such as teachers, doctors, nurses and other medical professionals, qualify for unique forgiveness programs.
Check With Your Employer: Some employers will offer perks to employees who further their education. Check and see if your employer offers any tuition reimbursement programs that could help you pay down your debt.
Make Your Payments On Time: Making on-time payments will help you avoid any unnecessary fees or additional interest charges. If you have some extra cash, you should prioritize paying down your most expensive debts and not necessarily your student loans.
Refinance Your Student Debt: If you have a good or excellent credit score, you could transfer some of your student debt to a credit card with a 0% intro APR to stop interest from accruing and pay off what you owe sooner. Just be sure to pay off your balance before the card’s high regular interest rate takes effect.
More Data Stories:
U.S. unemployment ticks up: These states have the most residents out of work
Staten Islanders have made nearly 100K 311 calls in 2025: Here are the most common complaints
Rent prices on Staten Island spiked 42% in past decade, new data shows
Staten Island household incomes near milestone; Here’s how much residents made in 2024
Monthly homeownership costs on Staten Island spiked 23% in past decade, new data shows
Transportation/Trending News Reporter