10 states with the highest student loan debt

Americans are on their third month of student loan repayments since they restarted after a three-year pause — and many borrowers are faced with sizable balances that are diminishing their pay.

According to Wells Fargo, the average monthly loan payment will fall between $210 and $314, equating to a 4-5% pay cut for workers. However, depending on the school and state, that deduction could be even higher. Degreechoices, a platform that helps students determine which colleges and degrees will be a smart financial investment, analyzed data from the Office of Federal Student Aid, ranking which states had the highest average student debt per borrower. While the average student loan debt for the U.S. sits at $37,338, according to the Education Data Initiative, some of these states carry much higher averages.

Maryland, for example, topped the list with an average of $43,166 per borrower and a collective state balance of $36.7 billion. That kind of debt doesn't leave much room for other investments, like in one's health, home or family. 

Read more: Student loan forgiveness take two: A look at Biden's 'Plan B'

"This is something that might take 15 or 20 years to repay," says Aaron Smith, co-founder of Savi, a platform dedicated to helping borrowers manage their student loan balances. "This long-term debt hanging over your head creates a lot of anxiety, and employees are feeling enormous strain as a result." 

While college can feel like an unavoidable part of one's career journey, it can also feel like an inevitable path to financial ruin — and it may ultimately be up to employers to ease the burden if they want their employees to have a shot at financial wellness, notes Smith. 

Here are 10 states with the highest student loan debt, according to Degreechoices.