Feel like you’re scraping together just enough money to make your student loan payments each month? Are you close to missing payments — or even defaulting on your student loans?
Such student debt struggles are increasingly common. National trends show the following:
- Nearly a quarter of Direct Loan borrowers are on a income-driven repayment (IDR) plan, according to a Nov. 2016 report from the Government Accountability Office. That’s an increase of almost 150 percent from the 10 percent of borrowers on an IDR plan in June 2013.
- Student loan default rates are rising. A Sept. 2017 report from the U.S. Department of Education shows 11.5 percent of borrowers entering repayment in 2014 defaulted within three years, up from 11.3 percent in 2013.
But where a borrower lives can have a major impact on their ability to pay off their student debt, according to our new study.
If you’re a resident of one of the worst states to live in with student debt, you’re more likely to struggle to keep up with payments. See if your state is on the list.
How we ranked states by student loan affordability
Our 2017 student loan affordability study highlights the 10 states where student loan payments are least likely to be affordable. We compared states based on three key financial factors:
- The average student loan balance for a 2016 graduate in each state
- The average annual wage a worker earns in each state
- The cost of living in each state compared to the national average
With this information, we compared basic living costs to average incomes to find out how much a typical worker has left over each month. We then calculated student loan payments using the standard 10-year repayment plan.
Lastly, we ranked all 50 states and the District of Columbia to find out the worst states to live in while repaying student debt.
Here are the nationwide averages for 2016 graduates:
- Disposable income devoted to student loan payments: 14.57 percent
- Average student loan balance: $27,822
- Average annual wage: $49,630
The average student loan balance estimates for this study are based on borrowing statistics from Peterson’s data and might differ from other projections. For example, a different estimate of student loan debt puts the average balance for a 2016 graduate at $37,721.
Student loans more affordable overall — but not in the 10 worst states
Like the standards set by federal income-driven repayment plans, we considered student loan payments to be affordable when they were equal to 10 percent of disposable income.
Overall, student loans are more affordable for 2016 graduates compared to 2015 graduates, according to our 2016 student loan affordability survey. In 2015, graduates devoted 17.3 percent of their disposable income to student loan payments. For 2016 graduates, the average is 14.57 percent.
However, in the 10 worst states to live in, borrowers devote anywhere from 17.99 percent to 22.17 percent of their disposable income to their student loan payments.
10 worst states to live in if you’re struggling with student debt
Not only will borrowers in these states find it difficult to pay extra on student loans, but they also might struggle to make their payments each month.
Eight of the following 10 states have higher-than-average student loan balances that exceed $30,000 as well as costs of living that exceed the national average.
That means borrowers in these states are among those most likely to benefit from switching to an income-driven repayment plan for federal student loans or refinancing student loans to lower monthly payments.
Here are the 10 states where borrowers’ finances are stretched the thinnest by repaying their student loan balances.
10. Montana
- Disposable income devoted to student loan payments: 17.99 percent
- Average student loan balance: $30,994
- Average annual wage: $41,440
- City with highest average wage: unavailable
We couldn’t find city-level income data for Montana, but workers in pretty much any part of the state can expect to make well below the national average wage of $49,630. That amounts to about $680 less in income each month.
Montana’s 2016 graduates also borrowed $4,714 more than the 2015 class, raising payments by $48 per month to $314. Overall, this brought Montana from the middle of the pack to one of the worst states live in while paying off student debt.
9. Vermont
- Disposable income devoted to student loan payments: 18.33 percent
- Average student loan balance: $28,739
- Average annual wage: $47,620
- City with highest average wage: Burlington, $51,600
Vermont again made it on the list of the 10 worst states to live in with student debt. However, the 2016 class is in a better position than Vermont’s 2015 graduates thanks to slightly lower costs of living in Vermont and higher wages that outpaced borrowing.
While 2016 graduates living in Vermont devote 18.33 percent of their disposable income to student loan payments, 2015 graduates paid even more toward debt at 20.42 percent.
8. South Dakota
- Disposable income devoted to student loan payments: 18.51 percent
- Average student loan balance: $30,090
- Average annual wage: $40,070
- City with highest average wage: Sioux Falls, $43,180
Student loan borrowers in South Dakota, like those in Montana, are saddled with low incomes and high student loan balances.
Overall, South Dakota’s 2016 graduates took out $726 more on average than the 2015 class. Despite incomes that crawled up by $1,250, South Dakota is once again among the worst states to live in if you’re struggling with student debt.
7. Rhode Island
- 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
Rhode Island is No. 7 in this year’s rankings after being No. 5 last year. It appears borrowers in the state are putting less disposable income toward student debt: 18.96 percent compared to last year’s 22.64 percent.
That’s thanks in part to 2016 graduates who borrowed $1,423 less on average than Rhode Island’s 2015 class.
6. Alaska
- Disposable income devoted to student loan payments: 19.19 percent
- Average student loan balance: $31,217
- Average annual wage: $56,710
- City with highest average wage: Anchorage, $57,770
Despite an average annual wage that’s $7,080 more than the national average, Alaska has high living costs and student debt levels that make it one of the least affordable states. Since residents of Alaska pay 22.4 percent more than the national average for basic expenses, they have less to work with each month.
Alaska’s graduates also have some of the highest levels of borrowing: 12.20 percent higher than the average balance of $27,822.
5. New Jersey
- Disposable income devoted to student loan payments: 19.35 percent
- Average student loan balance: $35,143
- Average annual wage: $56,030
- City with highest average wage: Trenton, $62,150
It might appear that New Jersey workers get a leg up from higher incomes since they earn 12.9 percent more than the average American.
But their steep cost of living is 13.8 percent higher than the national average. Plus, after Pennsylvania, New Jersey’s average student loan balance is the highest in the nation.
Bottom line: New Jersey residents face some of the highest student debt with less money in their bank accounts.
4. Pennsylvania
- Disposable income devoted to student loan payments: 19.35 percent
- Average student loan balance: $35,196
- Average annual wage: $47,540
- City with highest average wage: Philadelphia, $53,590
With the highest average student loan balance of any state, Pennsylvania’s college graduates start out owing $7,374 more than the U.S. average. Even worse, Pennsylvania workers have to repay student debt on below-average incomes.
3. Connecticut
- Disposable income devoted to student loan payments: 19.90 percent
- Average student loan balance: $32,211
- Average annual wage: $57,960
- City with highest average wage: Bridgeport, $64,800
Connecticut’s college graduates carry the fourth-highest student loan balance in the nation thanks to significant payments of $326 per month.
Workers in this state are also up against costs of living that exceed the national average by a whopping 24.1 percent. Despite also earning higher wages, Connecticut’s student loan borrowers are in a tough spot.
2. Maine
- Disposable income devoted to student loan payments: 20.45 percent
- Average student loan balance: $30,586
- Average annual wage: $44,180
- City with highest average wage: Portland, $47,770
Maine moved from No. 6 to No. 2 this year. The state has living costs that are 10.6 percent higher than the national average and incomes that fall $5,450 short of the national average.
That means Maine residents pay higher living costs while earning less. Add an average student loan balance that surpasses $30,000, and Maine borrowers are among the most likely to struggle with student debt.
1. Hawaii
- Disposable income devoted to student loan payments: 22.17 percent
- Average student loan balance: $25,851
- Average annual wage: $49,430
- City with highest average wage: Honolulu, $51,080
The average student loan debt for residents living in Hawaii is one of the lowest in the nation, and workers earn wages near the national average. However, that’s not enough to make up for costs of living that are 34 percent higher than the national average.
High costs of living stretch Hawaii workers’ paychecks thin and leave them with far less disposable income than residents in other states, making it the worst state for student loan affordability.
How to manage student loans when you live in one of the ‘worst’ states
While borrowers living in these states are more likely to stretch their paychecks to make their student loan payments, they can take action and see results if they focus on paying down their student debt.
Here are some steps you can take if your state made this list:
- Focus on increasing your income. The more money you make, the more you’ll have to put toward your student debt. Work toward a raise or consider switching jobs to get higher pay. Starting a side hustle can be another way to bring in more cash.
- Be realistic about your spending. It’s important to understand the costs in your area and set your personal budget accordingly. Be practical and keep expenses modest when possible.
- Take advantage of federal student loan protections. With options like income-driven repayment plans, deferment, and forbearance, you can avoid missing payments or defaulting.
Getting ahead of student debt is a daunting task if you live in one of the 10 worst states — but it’s possible. Although you might have a little more working against you than the average student loan borrower, it’s a gap you can close with some extra determination and smart debt strategies.
Full rankings: Student loan affordability by state
Below are the full rankings for student loan affordability in all 50 states and the District of Columbia. States are ranked from worst to best.
| Rank | State | Disposable income devoted to student loan payments | Average annual wage | Average student loan balance | Monthly student loan payment | City with highest wages | City’s average wage |
| National | 14.57% | $49,630 | $27,822 | $282 | |||
| 1 | Hawaii | 22.17% | $49,430 | $25,851 | $262 | Honolulu | $51,080 |
| 2 | Maine | 20.45% | $44,180 | $30,586 | $310 | Portland | $47,770 |
| 3 | Connecticut | 19.90% | $57,960 | $32,211 | $326 | Bridgeport | $64,800 |
| 4 | Pennsylvania | 19.35% | $47,540 | $35,196 | $356 | Philadelphia | $53,590 |
| 5 | New Jersey | 19.35% | $56,030 | $35,143 | $356 | Trenton | $62,150 |
| 6 | Alaska | 19.19% | $56,710 | $31,217 | $316 | Anchorage | $57,770 |
| 7 | Rhode Island | 18.96% | $51,920 | $31,497 | $319 | Providence | $51,100 |
| 8 | South Dakota | 18.51% | $40,070 | $30,090 | $305 | Sioux Falls | $43,180 |
| 9 | Vermont | 18.33% | $47,620 | $28,739 | $291 | Burlington | $51,600 |
| 10 | Montana | 17.99% | $41,440 | $30,994 | $314 | — | — |
| 11 | District of Columbia | 17.68% | $82,950 | $33,650 | $341 | — | — |
| 12 | Massachusetts | 17.37% | $60,840 | $29,924 | $303 | Boston | $67,930 |
| 13 | West Virginia | 17.30% | $40,250 | $29,922 | $303 | Charleston | $42,890 |
| 14 | South Carolina | 17.08% | $41,530 | $29,496 | $299 | Charleston | $44,500 |
| 15 | New Hampshire | 16.57% | $50,180 | $26,452 | $268 | Nashua | $53,990 |
| 16 | Idaho | 15.79% | $41,910 | $29,435 | $298 | Boise | $43,040 |
| 17 | New Mexico | 15.70% | $44,160 | $28,233 | $286 | Albuquerque | $45,920 |
| 18 | Iowa | 15.53% | $43,540 | $29,288 | $297 | Des Moines | $49,420 |
| 19 | Kansas | 15.32% | $43,950 | $28,770 | $291 | Wichita | $43,280 |
| 20 | Delaware | 15.30% | $50,930 | $30,255 | $306 | Wilmington | $54,310 |
| 21 | Kentucky | 15.29% | $41,760 | $28,934 | $293 | Louisville | $44,270 |
| 22 | Nevada | 15.22% | $44,030 | $25,815 | $261 | Reno | $45,210 |
| 23 | Louisiana | 15.20% | $41,260 | $26,863 | $272 | Baton Rouge | $44,460 |
| 24 | California | 15.19% | $56,840 | $22,517 | $228 | San Jose | $78,990 |
| 25 | Mississippi | 15.17% | $38,300 | $26,974 | $273 | Gulfport | $41,940 |
| 26 | Maryland | 15.09% | $56,120 | $27,070 | $274 | Silver Spring | $64,210 |
| 27 | Minnesota | 14.99% | $51,330 | $31,198 | $316 | Minneapolis | $55,010 |
| 28 | Indiana | 14.98% | $42,940 | $28,533 | $289 | Indianapolis | $46,840 |
| 29 | Missouri | 14.98% | $44,620 | $29,215 | $296 | Kansas City | $48,900 |
| 30 | Oregon | 14.95% | $49,710 | $27,143 | $275 | Portland | $53,960 |
| 31 | Wisconsin | 14.89% | $45,240 | $27,872 | $282 | Madison | $50,830 |
| 32 | Ohio | 14.83% | $45,930 | $29,579 | $299 | Columbus | $48,850 |
| 33 | North Dakota | 14.81% | $47,130 | $28,336 | $287 | Fargo | $45,610 |
| 34 | Arizona | 14.61% | $46,290 | $26,346 | $267 | Phoenix | $47,540 |
| 35 | New York | 14.48% | $58,910 | $21,280 | $215 | New York City | $63,320 |
| 36 | Michigan | 14.44% | $47,350 | $30,289 | $307 | Ann Arbor | $56,160 |
| 37 | Tennessee | 14.16% | $42,350 | $26,611 | $269 | Nashville | $45,780 |
| 38 | Alabama | 13.87% | $42,510 | $26,065 | $264 | Huntsville | $52,960 |
| 39 | Oklahoma | 13.73% | $42,760 | $26,068 | $264 | Oklahoma City | $45,280 |
| 40 | Illinois | 13.68% | $51,500 | $26,980 | $273 | Chicago | $54,340 |
| 41 | Florida | 13.49% | $44,050 | $23,999 | $243 | Gainesville | $47,560 |
| 42 | Wyoming | 13.46% | $46,840 | $25,378 | $257 | — | — |
| 43 | Virginia | 13.35% | $53,090 | $27,865 | $282 | Charlottesville | $50,950 |
| 44 | Nebraska | 13.28% | $44,170 | $25,311 | $256 | Omaha | $46,490 |
| 45 | Georgia | 13.28% | $46,540 | $26,498 | $268 | Atlanta | $50,720 |
| 46 | Arkansas | 13.17% | $39,590 | $23,384 | $237 | Fayetteville | $44,980 |
| 47 | Texas | 12.99% | $47,770 | $26,230 | $266 | Houston | $52,870 |
| 48 | Colorado | 12.99% | $52,710 | $26,607 | $269 | Boulder | $60,390 |
| 49 | North Carolina | 12.46% | $45,280 | $24,133 | $244 | Durham | $57,850 |
| 50 | Washington | 12.16% | $55,810 | $24,331 | $246 | Seattle | $63,300 |
| 51 | Utah | 10.01% | $45,490 | $18,969 | $192 | Salt Lake City | $48,850 |
Methodology
This study compared average earnings in each state and the District of Columbia to costs of living and average student loan balances to find the states where student loan repayment is most affordable.
Average student loan balances in each state were calculated from Peterson’s data on indebtedness averages at four-year colleges. Colleges were excluded that did not report a dollar average for the average indebtedness number or if the figure was for a year before 2015.
Disposable income of an average worker in each state was calculated based on the following factors:
- The Bureau of Labor Statistics’ reported 2016 mean wage in the state, released in March 2017
- LESS basic living expenses, including housing, transportation, food, and health care, based on national Consumer Expenditure data for 2016 and adjusted for local cost of living, sourced from the Council for Community and Economic Research’s Cost of Living Index
Disposable income was then compared to typical payments on the average student debt balance of a 2016 graduate in each state based on the following criteria:
- Each state’s average student loan debt was amortized over a standard 10-year repayment period, assuming an interest rate of 4.00%.
- The average payment was compared to disposable income to find the portion of disposable income needed to cover these basic payments.
The study was modeled on federal standards for student loan affordability. Income-driven repayment plans set affordable student loan monthly payments at 10 percent of monthly discretionary income. However, our methodologies differ and might not be reflective of results using income-driven repayment plan formulae.
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| Check out the testimonials and our in-depth reviews! 1 Important Disclosures for Splash Financial. Splash Financial DisclosuresSplash Financial loans are available through arrangements with lending partners. Your loan application will be submitted to the lending partner and be evaluated at their sole discretion. For loans where a credit union is the lender, or a purchaser of the loan, in order to refinance your loans, you will need to become a credit union member. The Splash Student Loan Refinance Program is not offered or endorsed by any college or university. Neither Splash Financial nor the lending partner are affiliated with or endorse any college or university listed on this website. You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans. Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of August 11, 2020. Fixed APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rate options range from 2.88% (without autopay) to 7.27% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice. Fixed rate options without an autopay discount consist of a range from 2.88% per year to 5.80% per year for a 5-year term, 3.30% per year to 6.25% per year for a 7-year term, 3.45% to 5.08% for a 8-year term, 3.69% per year to 6.65% per year for a 10-year term, 4.18% per year to 5.11% per year for a 12-year term, 3.94% per year to 7.05% per year for a 15-year term, or 4.51% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 1.98% (with autopay) to 6.90% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Our lowest rate option is shown with a 0.25% autopay discount. Our highest rate option does not include an autopay discount. The variable rates are based on the Variable rate index, is based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of June 26, 2020, the one-month LIBOR rate is 0.18%. The interest rate on a variable rate loan is comprised of an index and margin added together. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month’s variable rate. Variable rate options without an autopay discount consist of a range from 2.18% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 2.18% per year to 3.66% per year for a 8-year term, 4.25% per year to 6.40% per year for a 10-year term, 2.41% per year to 4.30% per year for a 12-year term, 3.18% per year to 6.65% per year for a 15-year term, 4.54% per year to 6.90% per year for a 20-year term, or 4.43% per year to 7.02% for a 25-year term, with no origination fees. APR is subject to increase after consummation. Variable interest rates will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate may be between 9.00% and 16.00%, depending on loan term. The floor rate may be between 0.54% and 4.21%, depending on loan term. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Variable APRs and amounts subject to increase or decrease. Variable rates are indexed to the one-month LIBOR rate. The following Variable Rate examples are based on a $10,000 loan amount. Repayment examples are for illustrative purposes only. All student loan rates below are shown without the autopay discount (.25%). There are no application or origination fees, and no prepayment penalties. The monthly payment for a sample $10,000 loan with an APR of 2.18% per year for a 5-year term would be $176.07. The monthly payment for a sample $10,000 loan with an APR of 4.00% for a 7-year term would be $136.69. The monthly payment for a sample $10,000 loan with an APR of 2.18% for a 8-year term would be $113.61. The monthly payment for a sample $10,000 with an APR of 4.25% for a 10-year term would be $102.44. The monthly payment for a sample $10,000 with an APR of 2.41% for a 12-year term would be $80.04. The monthly payment for a sample $10,000 loan with an APR of 3.18% for a 15-year term would be $69.93. The monthly payment for a sample $10,000 loan with an APR of 4.54% for a 20-year term would be from $63.48. The monthly payment for a sample $10,000 loan with an APR of 4.43% for a 25-year term would be from $55.19.
2 Important Disclosures for Earnest. Earnest DisclosuresTo qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application. Earnest fixed rate loan rates range from 2.98% APR (with Auto Pay) to 5.79% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.64% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of July 31, 2020, and are subject to change based on market conditions and borrower eligibility. Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance. The information provided on this page is updated as of 7/31/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product. © 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America. 3 Important Disclosures for SoFi. SoFi Disclosures
4 Important Disclosures for Laurel Road. Laurel Road DisclosuresAll credit products are subject to credit approval. Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com. As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.
Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount. Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate. Interest Rate: A simple annual rate that is applied to an unpaid balance. Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%. KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. This information is current as of August 10, 2020. Information and rates are subject to change without notice. 5 Important Disclosures for CommonBond. CommonBond DisclosuresOffered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.18% effective July 10, 2020. |
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