How Maine stacks up for student loan payments

Map / WalletHub Median student loan payment amounts vary widely, as shown in a WalletHub barometer. Maine is ranked near the lower end nationwide, at No. 32 among 50 students.

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By Renee Cordes

With a median monthly student payment of $184, Maine college graduates have one of the lighter debt burdens versus their peers in other states — and the lowest of the six New England states.

The number puts the Pine Tree State at No. 32 among 50 states ranked by WalletHub, a personal finance website.

Median monthly amounts vary widely, with Vermont showing the nation’s highest median payment of $248 and Mississippi at the bottom of the pack at $142 a month.

At No. 32, Maine is sandwiched between Kansas (No. 31) at $188 a month and Michigan (No. 33) at $183 a month.

Among other New England states, median monthly payments are $241 in Massachusetts (second-highest after Vermont), $240 in New Hampshire (tied at No. 3 with Maryland), $227 in Connecticut (No. 7) and $217 in Rhode Island (No. 12).

$1.7 trillion debt burden

Roughly 42.3 million Americans collectively owe $1.67 trillion in student loans, an average of more than $39,000 per person, according to WalletHub.

The barometer comes two years after student loan repayments restarted following the end of a federal moratorium during the pandemic. The 0% interest rate ended on Sept. 1, 2023, and payments restarted in October 2023.

With financial burdens varying widely by geography, WalletHub analyzed recent consumer data to identify the states with the highest and lowest median student loan payments.