PROVIDENCE, R.I. (WPRI) — Rhode Island has been ranked the seventh worst state to live in if you are paying off student loans, StudentLoanHero.com has found.
The study based the rankings on the average student loan for a 2016 graduate in each state, the average annual wage a worker earns in each state and the cost of living in each state compared to the national average. With this information, Student Loan Hero calculated student loan payments using the standard 10-year payment plan.
Rhode Island ranked seventh on the list:
- Disposable income devoted to student loan payments: 18.96 percent
- Average student loan balance: $31,497
- Average annual wage: $51,920
- City with highest average wage: Providence, $51,100
Last year, Student Loan Hero ranked Rhode Island as the fifth worst state.
Massachusetts was ranked 12th on this year’s list:
- Disposable income devoted to student loan payments: 17.37 percent
- Average student loan balance: $29,924
- Average annual wage: $60,840
- City with highest average wage: Boston, $67,930
Hawaii was ranked the worst state to live in if you are struggling to pay off your student loans. Even with the lowest average of student loan debt, the cost of living is 34 percent higher than the national average.