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.
