CT scholars owe major dollars
Photo | Contributed
Connecticut college students bear the highest per-capita student-loan debt in the nation, according to a new survey by Notesolution Inc., which publishes the student resource website OneClass.
College seniors in Connecticut graduate with an average student-loan debt obligation of $38,510, according to OneClass. That compares to a national average of $28,650.
Nationwide, according to the Federal Reserve Bank, 44 million borrowers hold an aggregate $1.6 trillion in outstanding student loan debt. Of that figure, $166.4 billion is presently delinquent.
Among Connecticut schools, the highest average debt load — $49,941 — was held by graduating seniors at the private University of New Haven, according to OneClass. The smallest figure ($5,831) was attributed to graduating seniors at Central Connecticut State University in New Britain, a member of the Connecticut State University (CSU) system.
In addition, 57 percent of graduating seniors in Connecticut leave school with debt obligations. That proportion is near the national average, which is bracketed by 74 percent of students in New Hampshire to 38 percent in Utah.
Nationwide, the lowest per-capita student-loan debt reported by OneClass was $18,838, also recorded by graduating seniors in Utah.
According to OneClass Co-Founder and COO Kevin Wu: “Compared to other states, Connecticut institutions charge higher for tuition. There are also relatively less loan-forgiveness programs in the state available to students.
“The state should also look at finding ways to decrease additional costs related to attending college, such as books and cost of living,” Wu added. “This would allow students to take on less debt through private loan programs that they would otherwise need to take on in order to afford their college education.”
Student debt is a coefficient of the individual school’s “sticker price” (tuition, room and board, fees), financial aid, student family resources and willingness to assume debt obligations. Connecticut is home to some of the nation’s priciest private schools (Yale, Wesleyan, Trinity, Connecticut College), but some offer significant financial-aid packages that can bring the “net” cost to matriculating students down significantly.
For example, Yale’s $30 billion endowment allows it to offer attractive packages that can lower its “sticker price” ($69,430 in 2018-19) significantly for the lucky few (less than 6 percent of Yale College applicants in 2019) who make the admissions grade. For the 2018-19 academic year the average package for students with financial need exceeded $50,000.
By contrast, the University of New Haven — a private institution with modest financial resources ($35.4 million endowment in 2018) — has a sticker price of $56,800 (2019-20), but the average price paid by students of all incomes is $33,380 (according to U.S. News & World Report). The balance must come from somewhere — and that somewhere is most often a student loan.
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