New student loan repayment program coming for millions of Americans
Millions of Americans with student loans will soon be able to enroll in a new repayment plan that offers some of the most lenient terms ever. (July 12) (AP Video: Nathan Ellgren)
The pause on student loan repayment was eliminated earlier this year, and as the first wave of repayments rolled out, different states are seeing varying average bills.
An article by WalletHub analyzed the latest consumer finance data and compared the median student loan payment amounts across the 50 states.
Texas ranked 26th for the state with the highest repayment, with an average bill of $185. For comparison, the highest state, Maryland, had an average bill of $232.
Average student loan payments across the U.S.
Here is how Texas ranks compared to states with the highest and lowest average loan repayments.
While the pause on repayment plans ended, the Biden-Harris administration released new ways to ease the burden of repaying loans this year, including the SAVE plan. SAVE offers the lowest monthly payments out of all the income-drive repayment plans. Payments are based on the borrower’s income and family size. Those on limited budgets can even see a $0 monthly payment plan.
To apply and to see more information, visit the Federal Student Aid website.