The economy and inflation have become a major concern for many Americans, especially families looking at affordable college options. Louisiana might be the place to send your kids for you if you want an affordable student loan payment for them.

Cost-Cutting Cajuns

In a study conducted by WalletHub, Louisiana was cited as the state with the 10th lowest average student loan payments. The average single payment on a student loan in Louisiana comes out to $160 per payment.

Choosing Louisiana could mean huge savings over time compared to other states like New Hampshire where the average student loan payment was $229, and while some might be keen to argue that a $69 difference won't change much, but over a year that difference saves Louisianians $828.

Costs Around the Country

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Nearby states all have similarly low student loan payments, with Arkansas and Mississippi actually doing better than Louisiana. Texas came in just $12 above Louisiana with a monthly loan payment of $172.

Arkansas and Mississippi tied for first place in the lowest student loan payments, both coming in with a monthly average of $142, $18 cheaper than Louisiana.

The states with the highest student loan payments are as follows

  1. New Hampshire - $229
  2. Massachusetts - $226
  3. Vermont - $223
  4. Connecticut - $213
  5. Tied | New York/New Jersey - $209

Loan Management for New Students

If you're daunted by the concept of paying off a student loan the great people at WalletHub have put together a list of tips on paying off your loan as fast as possible.

Possibly the most important piece of advice given by WalletHub is to make your payments on time. Doing so avoids any fees or additional charges which could drastically increase the payment.

It can also harm your credit score to make late payments, so for a young adult looking to build credit making loan payments on time is a vital task.

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