A study by the New York State Comptroller shows that in the past ten years, the amount of student loan debt in New York has more than doubled. The average citizen of the state now has $32,200 in student loans, as of the end of 2015. This amount is higher than the national student loan debt average, which is just under $30,000.
The student loan debt in the state has also risen in the last decade. In 2006, the total student loan debt for New York was $39 billion. At the beginning of 2016, that debt stood at $82 billion, an increase of 112%. The number of New York residents with student loans increased to 41%, a figure that accounts for 2.8 million individuals. Of the $722 billion in debt owed by New York residents, student loans accounted for 11.4%.
The reason more students in New York and in the country as a whole have more student loan debt is because the cost of attending a four-year university course has increased since the 2005-06 academic year. In 2014-15, the cost of a four-year university course, including room and board, had increased by over 50%.
State Comptroller, Thomas DiNapoli, stated in his report that many New Yorkers with student loans were currently in financial distress and were not able to pay their student loans as well as pursue things such as homeownership or saving for retirement.
Find out quickly at what rate you can refinance your student loan.