Student Loan Debt on the Rise

A new study found that student borrowing is continuing to grow nationwide with New York students’ average debt higher than in most states as student debt overall continues to soar, second only to mortgages.

The study by WalletHub.com came out as the Federal Reserve Bank of New York found that total student loan debt grew by 2.1 percent to $1.41 trillion at the end of the first quarter of 2018 from $1.38 trillion at the end of 2017.

WalletHub ranked New York 37th overall, toward the bottom, in terms of student debt based on all metrics, but 15th in average student debt and 27th in terms of the proportion of students who have debt. The state ranked 46th, one of the lowest in the nation, as a percent of student loans past due or in default.

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