Student Debt Payments are Outrageously High in New Jersey

💰 Americans Owe a Combined $1.61 Trillion in Student Debt

💰 A New Study Indicates NJ Student Debt is Among the Highest

💰 Scroll to the End for a Unique Solution to the Problem

If you're a college student or the parent of a college student, you know how complicated the student loan process can be.

We have gone through the process twice in our family.

It was our experience, that you met with one of the school's financial aid officers.

Their job is to walk you through the process.  Answer questions and offer advice.

The first step you go through is a process known as FASFA. 

This is to determine the student's needs and eligibility.

Your FASFA application also serves as a federal loan application.   This application will determine how much, if any, you are eligible to receive from the government.

Next up, you have to choose the type of loan you want.

You have to choose between federal loans or private loans.

Sometimes, you have to take out a mix of these loans.

Once you fill out all the applications, you will begin to receive the loan offers that you will then either accept or reject.

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It's a complicated process, and many people don't realize what they're getting into when they sign those forms.

The results of those decisions can last a lifetime.

Student debt has been in the spotlight quite a bit over the past few years.

It's an American problem, and some people want the government to forgive the debt.

It's understandable why many others don't think that's a fair distribution of tax money.

According to wallethub.com, New Jersey graduates are paying an average of $209/month.

New Jersey is ranked 7th in the country in student debt payments.

The state with the highest payments is New Hampshire at $229/month.

If you were wondering which state's students have the lowest payments, that would be Mississippi's $142/month.

A final thought, in my opinion, forgiving student debt is unfair to a large segment of the population.

Forgiving the debt doesn't solve the underlying problem.

What I've never heard discussed, was suing some of the schools for malpractice.

Think about it, their financial advisors steer students to these loans.  What do YOU think?

If the schools were held accountable, they'd be less likely to steer unqualified people to these loans.  Am I on to something?

Source:  Wallet Hub