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Image by Marcela from Pixabay

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Maryland Has the 3rd Highest Student Loan Payments – WalletHub Study

Press Release
As new federal rules take effect to strengthen college accountability and expand protections for students, the personal-finance company WalletHub has released its latest report on the States with the Highest Student Loan Payments.

Median Student Loan Payment Amount in Maryland (1=Most, 25=Avg.):

  • Overall rank: 3rd
  • $240 – Median Student Loan Payment per User in Maryland

To view the full report, please visit:
https://wallethub.com/edu/states-with-the-highest-student-loan-payments/130621

Key takeaways and WalletHub commentary are included below in text and video format.

“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, an $106 difference. In either case, that leads to extremely long payoff timelines. 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.”

– Chip Lupo, WalletHub Analyst                          

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