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Student loan payments can drain your wallet and drain your budget. But for borrowers in some states, the burden of student loan debt is even greater, according to one new report,

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Andrew Gillan of the Texas Public Policy Foundation analyzed data from the Department of Education to determine which borrowers had the highest percentage of student loan debt for two years of annual earnings. after graduation, They found that student loan borrowers in Montana struggle most to pay off their loans.

Aside from Montana, most other states where borrowers have poor loan-to-earnings results are in the South. Student loan borrowers are most affected in Louisiana, West Virginia, the Carolinas, Tennessee and Georgia unmanageable student loans,


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In general, borrowers in the West and parts of the Midwest struggle less to repay their student loans. North Dakota has a very good percentage of residents earning debt After graduation, got the report. Other states where borrowers have better debt-to-income ratios include Minnesota, Utah, Alaska, and California.

Keep reading to learn more about what you can do if you’re struggling to pay off your student loan debt, such as refinancing, go to trusted Compare Student Loan Refinance Rates For free without affecting your credit score.

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What to do if you’re struggling to pay off your student loans

Federal student loan payments are Paused until February 2022, but that’s only a few months away. If you’re not ready for the forbearance period to end — or if you’re struggling to pay off private student loan debt — consider your options below:

  • Enroll in an income-driven repayment plan (IDR). Federal student loan borrowers can enroll in an IDR plan to limit their monthly payments to 10-20% of their discretionary income Federal Student Aid (FSA) Website,
  • Apply for additional federal forbearance. The COVID-19 administrative tolerance expires in January 2022. If you are not ready to resume payments, apply for an additional forbearance of up to 36 months economic hardship Or unemployment moratorium,
  • Lower your monthly payments by refinancing. By locking in a lower student loan rate, you may be able to reduce your monthly payment and save money on interest over time. Well qualified reliable borrower. were able to save more than $250 per month by refinancing.

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It is important to know that Refinancing Your Federal Student Loan Debt A private loan will make you ineligible for certain government protections such as IDR schemes, zero-interest tolerance and student loan forgiveness programs.

Contact Knowledgeable loan officers on reliable Who can help you determine whether student loan refinancing is right for you.

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How to decide whether you should refinance your student loans

Student loan refinancing can help you Pay off your loans fast Or save money on your monthly payments. Plus, now is a great time to lock in the private student loan rate while interest rates are historically low, according to data from reliable,


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While federal student loan rates depend on the year you borrowed them, private student loan rates Varies from lender to lender depending on the creditworthiness of the borrower. Borrowers with good credit will be eligible for lower interest rates and best loan repayment terms. On the other hand, bad credit borrowers should consider taking the help of a credible co-signer To lock in a better rate.

browse student loan rates Get from real private lenders in the table below, and a . use student loan refinance calculator To see if this option is worthwhile.

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