New Jersey Student Loan Payments Are Sadly Now Among Nation’s Highest

Living in New Jersey isn't exactly cheap.

Between rent, groceries, car expenses and just about everything else, it can feel like your paycheck is gone before you have much time to enjoy it.

Now add student loans to the mix.

A new WalletHub report puts New Jersey among the states with the highest median student loan debt payments in the country. The Garden State ranks sixth nationwide, with a median monthly payment of $246.

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$246 A Month Adds Up Fast

For someone already trying to make ends meet in New Jersey, $246 isn't exactly pocket change. That's nearly $3,000 a year going toward student loans alone.

Here’s where the number could become even more concerning for NJ borrowers: what happens if the cost of living keeps climbing?

A $246 payment doesn't change just because your rent goes up, your grocery bill gets bigger or your other monthly expenses increase. But the amount of money left over after paying those bills does.

That can make the same student loan payment feel a whole lot heavier.

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New Jersey Is Near the Top of the List

WalletHub found that median student loan payments range from $160 in Wyoming to $258 in Vermont. New Jersey's $246 median puts it just behind five other states.

For younger residents still paying off college debt, that monthly bill can compete with saving for a home, building an emergency fund or simply having some breathing room in the budget.

And if New Jersey keeps getting more expensive, that $246 figure may hit borrowers even harder.