Survey Shows Just How Bad Student Loan Debt Is Here In New Jersey
The announcement was made on Wednesday, August 24, that a student loan forgiveness plan is in the works within the federal government.
President Joe Biden announced that anywhere from $10,000 to $20,000 will be forgiven for those who make below $125,000 per year. Since most of the country is pulling in well below that benchmark at their 9 to 5s, you can imagine most people's excitement after that announcement.
Multiple sources report that, on average, most students are graduating with somewhere around $20-$30,000 worth of student loan debt. Considering the fact that average starting salaries haven't increased to coincide with the cost of living increases very much over the last 20+ years, it can take people well into their 30s, if not 40s, to crawl out of that hole.
So, just how much is the loan forgiveness plan going to help out people with college debt here in the Garden State? Considering New Jersey comes in as the 11th worst state for student loan debt in the country, it's safe to say most NJ residents are pretty excited about the news.
A new survey ranked all the states within the U.S. based on how much student loan debt residents are currently paying off. Honestly, since college is so expensive on the east coast, I thought New Jersey would fair much worse than it did. Still, with the student work opportunities that exist here at the places of study within the Garden State, at least students are able to make a bit of money to offset the cost. Most students, however, work jobs outside of their college or university to help pay bills while getting their education.
You can check out the metrics and see why Jersey's pretty high on the list for significant student loan debt HERE.