NEW YORK (PIX11) — Even with a student loan payment forgiveness plan put into place by New York City over the summer, the state still finds itself near the top of the list for the highest monthly dollar amount.
A study recently conducted by WalletHub shows that both New York and New Jersey graduates pay more than the vast majority of borrowers in the country on average.
In the U.S., roughly 42 million people owe $1.67 trillion in student loans. This reality has the Trump administration exploring different options to manage it, including selling off the federal government’s student debt portfolio to private companies.
Loan payments range by over $100 depending on where borrowers live, according to WalletHub. Vermont ranks No. 1 in the country with a median student loan payment of $248, compared to Mississippi’s $142 median, the lowest number in the U.S.
As for New York and New Jersey, the states are ranked sixth and fifth, respectively. New York’s median number sits at $229 per month, the study shows. New Jersey’s number is just $6 more at $235, which is right behind New Hampshire and Maryland’s median of $240.
WalletHub used its latest consumer data to determine the median number per user by state, which created the ranking.
For more information, click here.
Spencer Gustafson is a digital content producer from Long Island who has covered New York state and city news since 2023. See more of his work here.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
For the latest news, weather, sports, and streaming video, head to PIX11.