Low-Debt PlanOctober 5, 2018 |
by Paul Vachon
As a middle-school science teacher, I am passionate about teaching and the value of an education. Like every parent, I want my children to get a good education and find a career that they will enjoy. And, just like every parent, I was concerned about how we’d afford to pay for our children’s college expenses.
A recent GOBankingRates study looked at the average student loan debt in each state and the estimated average monthly loan payments based on 10 percent of each state’s median household income. The conclusion was that the length of time it takes to pay off student loan debt varies greatly from state to state. A college graduate living in Alabama, for instance, will have the longest debt payoff period at 12 years on average, while those living in Utah pay back their student loans in less than five years on average.