Macco Law Group, LLP

New Yorkers carry a high burden of student debt

New Yorkers carry a high burden of student debt

For individuals in their 20s and 30s, student loan debt continues to affect overall financial well-being.  Until at least very recently, recent trends show student debt remains on an upward trajectory.

College graduates from the state of New York have some of the highest debt loads in the country.

A look at the numbers

An article in the New York Daily News reported that students from New York colleges saw student loan debt increase by 89% from 2008 to 2018. Things look even worse for students who attended a New York City college. These students saw a 105% rise during the same period, putting them in first place in the country for the level of student loan debt. One study showed that the New York average for debt at graduation stood at $30,000, compared to $22,000 for the national average. Student loans represent the second largest debt category for Americans, second only to mortgage debt.

A look at possible solutions

A piece on National Public Radio acknowledged that the student loan system contains an abundance of confusing payment plan options and false information. The piece stressed that persistence can lead to workable solutions for individuals. One possible solution for those struggling to pay loans is to enroll in an income-driven repayment plan—and to stick with this plan. Individuals should keep track of their loans and understand their terms. Loan forgiveness programs exist that wipe out all or some of a student loan. Students who have yet to pile up other expenses could engage in paying debt down quickly. Also, a number of resources from government and consumer protection agencies exist that help graduates manage student loan debt.