With federal student loan payments resumed, borrowers in these states are facing the highest monthly payments.
Depending on your repayment plan and loan terms, your monthly student loan payment may not have much to do with your remaining balance.
You could have a relatively low debt balance that you want to pay off as quickly as possible, resulting in a higher monthly payment. Or you might have a high debt balance and low income that requires you to keep your monthly payment as low as possible, even if it means taking longer to pay off your loans.
Accordingly, the states where borrowers have the highest monthly payments aren't inherently the states where borrowers owe the most overall.The median balance among borrowers in Washington, D.C. is higher than all of the states at $28,270, but WalletHub did not include the district in its rankings., many borrowers have lower monthly payments than they would on a standard repayment plan that divides payments equally across a certain loan term.
On the other hand, high incomes generally lead to higher monthly payments on IDR plans, which could help explain why monthly payments are higher in certain states. Maryland has highest median household income of any state at $108,200 a year, according toCNBC will host its virtual Your Money event on November 9 at 12 p.m. ET, with experts including Jim Cramer, Ben McKenzie and Farnoosh Torabi. Learn how to boost your finances, invest for the future, and mitigate risk amid record-high inflation.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Connecticut State Pursues Legal Action Against Amazon for Violations of State LawConnecticut State has taken legal action against Amazon, alleging violations of state law.
Read more »
Ohio State, Georgia, Michigan and Florida State top first CFP rankingsThe four teams that are atop the final set of rankings Dec. 3 will meet in the national semifinals in January.
Read more »
Ohio State, Georgia, Michigan, Florida State are top four in first College Football Playoff rankingsOhio State, Georgia, Michigan and Florida State round the top of the first College Football Playoff rankings, while UCLA and USC are in the top 20.
Read more »
Ohio State, Georgia, Michigan, Florida State are top 4 in first College Football Playoff rankingsIn the midst of not having a home, feeling like you're not important becomes normal. That's why The Birthday Joy Program have become a highlight for kids at shelters
Read more »
Temple, Pitt, Penn State, and Lincoln are a step closer to getting months-delayed state fundingThe University of Pittsburgh, Penn State, Temple, and Lincoln University on Tuesday cleared a major hurdle blocking them from receiving more than $600 million in state.
Read more »
Kansas State-Texas, Penn State-Maryland, more: CFB Week 10 by the numbersKansas State visits Texas for a top-25 showdown, while Penn State's vaunted defense looks to slow down Maryland. Here are the numbers to know ahead of Week 10.
Read more »