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Student Loans in Mississippi

Average debt, state-specific forgiveness programs, and repayment strategies for Mississippi borrowers in 2026.

Average Debt
$36,560
Monthly Payment (Std)
$416
State Tax Deduction
Yes
vs. National Avg
+$4,560

Student Loan Overview for Mississippi

Mississippi borrowers carry an average student loan debt of $36,560, which is above the national average of approximately $32,000. Under the Standard 10-year repayment plan at the current federal interest rate of 6.53%, Mississippi graduates would pay $416 per month and a total of $13,360 in interest over the life of the loan.

For borrowers seeking lower monthly payments, income-driven repayment plans like SAVE (formerly REPAYE) cap payments at 5-10% of discretionary income. Mississippi residents working in public service should explore PSLF for potential forgiveness after 10 years of qualifying payments.

Mississippi Student Loan Forgiveness Programs

Mississippi offers the William Winter Teacher Scholar Loan Program and the State Loan Repayment Program for healthcare providers.

In addition to state programs, Mississippi borrowers have access to all federal forgiveness programs including PSLF, Teacher Loan Forgiveness ($17,500 for STEM and special education teachers), and income-driven repayment forgiveness after 20-25 years.

State Tax Deduction for Student Loan Interest

Mississippi conforms to the federal student loan interest deduction. Borrowers can deduct up to $2,500 in student loan interest paid during the tax year on both their federal and Mississippi state income tax returns. This deduction phases out for single filers earning $75,000-$90,000.

Top Mississippi Colleges & Average Debt

InstitutionAvg. Graduate Debt
University of Mississippi$30,000
Mississippi State University$28,000

* Debt figures are approximate averages for graduating students who borrowed.

Frequently Asked Questions

What is the average student loan debt in Mississippi?

The average student loan borrower in Mississippi graduates with approximately $36,560 in student loan debt. This is above the national average of $32,000.

Does Mississippi offer student loan forgiveness?

Mississippi offers the William Winter Teacher Scholar Loan Program and the State Loan Repayment Program for healthcare providers.

Can I deduct student loan interest on Mississippi state taxes?

Yes, Mississippi conforms to the federal student loan interest deduction. You can deduct up to $2,500 in student loan interest paid on your Mississippi state income tax return, subject to income limits.

What are the best colleges in Mississippi for low student debt?

Among Mississippi institutions, University of Mississippi has an average graduate debt of $30,000. In-state tuition at public universities is significantly lower than out-of-state rates.

What repayment plan should I use for student loans in Mississippi?

Your best plan depends on your income and career. Mississippi residents earning under $50,000 should consider the SAVE plan for the lowest payments. Those in public service should pursue PSLF. Higher earners may benefit from the Standard plan or refinancing.

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