August 15, 2018

Report: CT student borrowers' debt rises 35% in '17

PHOTO | Contributed
PHOTO | Contributed

Connecticut's college graduates in 2017 had the sixth-highest average student loan debt in the U.S., according to a new report.

The report by student lending marketplace LendEDU says the average debt per borrower in Connecticut was $31,643, a 35.6 percent increase vs. $23,326 in 2016. The state's average student borrower had $36,864 in debt in 2015, the nation's highest that year.

States with higher student loan debt last year were Pennsylvania ($36,193), Rhode Island ($35,371), Delaware ($34,144), New Hampshire ($33,144) and Alabama ($31,861). States with the lowest student debt in 2017 were Utah ($18,425), New Mexico ($21,805) and Nevada ($22,026).

Almost 58 percent of college graduates in 2017 had student debt, owing an average of over $28,000, the report said.

LendEDU says the report aims to raise awareness of the nation's $1.5 trillion student loan crisis.

In Connecticut, the Board of Regents for Higher Education last year approved a 4.4 percent tuition hike for the current fiscal year at each of the four state universities and a 2.5 percent increase at the 12 community colleges.

To curb future tuition increases, the Board recently agreed to use over $8 million from its reserves to support the system's current budget.

Drawing from 1,080 institutions, the LendEDU report used the latest Peterson's financial aid data released earlier this month.

Click here to view the report.

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