LendEDU survey: New Jersey ranks 9th highest in student loan debt

A new study compiled by a private web marketplace for student loans and refinancing says New Jersey ranks ninth nationally in student loan debt.



The study from LendEDU says the average debt per borrower in the state was more than $30,000 and 63 percent of all students had to take out a college loan. The average debt per borrower nationwide was more than $28,000.



Borrowers at small private colleges in the state amassed the largest amount of debt.



The group used self-reported data from 1,300 schools across the country for the class of 2015.



LendEDU founder and CEO Nate Matherson says six out of 10 students use debt to finance college on average. He says about 90 percent of student loans come from the federal government.



The state with the highest debt is Connecticut with nearly $37,000. The lowest is Utah with just under $19,000, according to the study.



The Associated Press wire services contributed to this report.


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