New Jersey student loan debt reaches $ 47.8 billion
We don’t know which is more shocking, New Jersey’s total student loan debt or the fact that it is “only” in 10th place in an all-state ranking. California has the dubious distinction of taking the top spot, at $ 146.5 billion, according to a new report of the smartest dollar. New York is in third place, with a total student debt of $ 98.1 billion. In total, student debt for the entire country stands at $ 1.5 trillion.
New Jersey’s $ 47.8 billion student debt is shared among 1.4 million borrowers, each owing an average of $ 35,000. Some 12.2% of borrowers are over 90 days past due.
Smartest Dollar says its statistics are based on 2019 student debt data. The reason: While recent New York Fed figures suggest student loan default rates have declined during the pandemic, this data reflects in fact the effect of the government’s forbearance programs. Upon completion of these programs, many students may struggle to find work in a depressed economy, which puts them in a precarious financial situation.
The opinions expressed by our advertisers and sponsors are theirs and are not endorsed by NJ Spotlight News.