Average Arkansas student has $200 monthly student loan payments
by January 22, 2020 12:37 pm 1,252 views
College students in Arkansas who take on debt leave school with an average monthly payment of about $200, a payment that stays with students for an average of more than 11 years.
According to nationwide data compiled by online student and personal lender LendEDU, Arkansas ranks No. 16 overall among states for length of payback, although the average monthly payment isn’t as bad as some other places.
Arkansas students have an average student loan payment of $200.83 and an average total debt load of $26,571.
Massachusetts had the highest average monthly student loan payment — $229.02. It was followed by New Jersey ($225.56), Connecticut ($225.26), New York ($223.10) and California ($221.17).
Wyoming had the lowest average monthly student loan payment — $176.46. It was followed by Idaho ($176.98), Nevada ($190.57), South Dakota ($191.74) and Louisiana ($192.62).
Nationwide, the average monthly student loan payment was $210.73.
Utah had the quickest predicted student loan payoff time (8.14 years). It was followed by California (8.49 years), New Mexico (8.61 years), Alaska (8.91 years) and Washington (9.30 years).
New Hampshire had the longest predicted student loan payoff time (14.40 years). It was followed by Connecticut (14.34 years), South Dakota (13.86 years), Rhode Island (13.82 years), and Pennsylvania (13.68 years).
Nationwide, the average student loan payoff time was 11.30 years.
According to the most recent data from the U.S. Department of Education (USDE), Arkansas student loan defaults have declined for six consecutive years.
In Arkansas, the USDE’s cohort default data and other federal financial information shows that $11.5 billion in federal student loan debt is held by 359,900 Arkansans.