State-Sponsored Student Loans Put Crunch On College Grads

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October 19, 2016

According to NerdWallet, a report from the Institute for College Access & Success says that two-thirds of college grads with state-sponsored loans attended school in either New Jersey, Texas, or Minnesota.

New Jersey’s loan program has even earned a “predatory” label, with fixed interest rates up to 7.9 percent. State loans are more expensive than federal loans, and they lack borrower protections.

The Student Debt and the Class of 2015 report found that the average 2015 graduate was $30,100 in debt, a four percent increase from 2014, and that the highest debt levels were concentrated in the Midwest and Northeast.

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