New Jersey does poorly when it comes to the average amount of student loan debt that state residents have accumulated, according to a recent study of student loans taken out by people across the United States.
The study was conducted by LendEDU, a popular independent marketplace for student loans and student loan refinancing. According to data compiled by the LendEDU researchers who focused on 1,300 U.S. colleges and universities, New Jersey had the ninth-worst average student loan debt among residents who attended college in 2015. The average student loan debt accumulated by borrowers in New Jersey was in excess of $30,000, which was more than $2,000 higher than the average debt accumulated by student loan recipients on a national level.
In addition to the fact that NJ students are racking up significant debts while trying to earn college degrees, there is another, potentially more significant problem: a high percentage of college students in New Jersey find themselves taking out student loans in the first place. According to the LendEDU study, approximately 63 percent of all New Jersey college students have to borrow in order to attend university.
Nate Matherson, the founder and CEO of LendEDU, said that far too many students have no choice but to use debt in order to finance their college education and earn much-needed degrees. Worse yet, noted Matherson, roughly 90 percent of these student loans are provided by the federal government – which means that the government is essentially financing a debt culture that leaves residents of New Jersey, New York, Pennsylvania, and every other state in the US with limited options for financial success in the future.
The end result is that more and more people in the Garden State are exiting college with larger and larger debts that they then struggle to pay off as they enter the workforce for the first time.
For more information, read the New Jersey News12 article, “LendEDU Survey: New Jersey Ranks 9th Highest in Student Loan Debt.”
If you are struggling with debt, you should talk to a qualified debt management attorney as soon as possible. Joel R. Spivack, Esq., is an experienced debt relief lawyer who can help you explore all of your options for getting out of debt and getting back on the right financial path. Contact Mr. Spivack now to schedule a free consultation.