the staff of the Ridgewood blog
New Jersey has been ranked as having the 8th highest student debt in the United States for 2024, according to a recent study conducted by WalletHub. The personal finance website evaluated all 50 states and the District of Columbia, scoring each based on student-loan indebtedness and the availability of grants and student work opportunities.
With an overall score of 56.47, New Jersey placed 8th in student-loan indebtedness and 33rd in grant and student work opportunities. The state also ranked highly in several subcategories:
- 6th in Average Student Debt
- 8th in Proportion of Students with Debt
- 13th in Unemployment Rate for Ages 25 to 34
- 6th in Percentage of Student Loans Past Due or in Default
- 15th in Availability of Student Jobs
“College keeps getting progressively more expensive, and so does borrowing money to attend,” said WalletHub Analyst Cassandra Happe. “Federal student loan interest rates are rising to a 12-year high for the upcoming academic year, so it’s important to plan carefully when borrowing. In addition to attending college in a less expensive state and pursuing other avenues of funding like financial aid and grants, students should also carefully calculate how much they can afford to borrow before taking out a loan.”
The study revealed that Mississippi holds the unfortunate title of having the most student debt in 2024, with a total score of 66.42. On the other end of the spectrum, Utah ranked as having the least student loan debt, with a total score of 20.33.
New Jersey’s neighboring states were also part of the study, with Pennsylvania ranking 2nd in the nation for student debt, trailing only behind Mississippi. Connecticut and New York ranked 18th and 30th, respectively.
As student debt continues to be a pressing issue, the findings underscore the importance of financial planning and the exploration of alternative funding sources for prospective college students in New Jersey and beyond.
To view WalletHub’s full study, click here.
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