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A study shows Georgia’s student loan balance averages more than $41,000.
MACON, Georgia (41NBC/WMGT) — According to AdvisorSmith, Georgia ranks third in the nation for the highest average student loan balance.
A study shows Georgia’s loan balance averages more than $41,000. The state also ranks third for the highest percentage of the population with outstanding student loans at 15 percent.
Brenda Franco — PR specialist with AdvisorSmith— explains why paying loans now is more beneficial.
“There’s no interest on those student loans,” Franco said. “If they do make a payment before October, there’s more money going into the principal balance instead of the interest.”
At the end of 2020, the student loan debt averaged more than $36,000. The Biden Administration suspended student loan interest and payments until October 2021.