Student Debt Rising In NJ, Including Caldwell University: Study

CALDWELL, NJ — It’s the second-largest form of consumer debt, trailing only mortgages. But how is student loan debt – which reportedly sits at $1.52 trillion nationwide – affecting Caldwell University?

Hoboken-based LendEDU released its annual Student Loan Debt study earlier this week, reporting the average student debt per borrower figures for nearly 1,000 U.S. colleges and universities. (See the full list)

“While the figures change each year, the narrative certainly does not,” LendEDU researchers stated. “Student loan debt continues to be a growing issue in the U.S. and at nearly all schools in the country as the cost of college continues to rise.”

LendEDU released the following statistics for Caldwell University, which school administrators have contested (see below).

• At Caldwell University, the average student loan debt per borrower came to $32,762 for the class of 2018, a 20.93 percent increase from 2017
• About 69 percent of Caldwell University alumni graduated with student debt, an 18.08 percent decrease from 2017
• The average private student debt per borrower was $31,783

On Friday, a Caldwell University spokesperson provided Patch with the following statement, which contradicts information that LendEDU released.

"We reported to Peterson's, from Caldwell University's Part H of the Common Data Set, that for the Class of 2018, the average student loan debt per borrower (any loan program) was $31,762 NOT $32,762 that LendEDU posted. Additionally, the average private student debt per borrower was $30,783 NOT $31,783."

Overall, the average college graduate in New Jersey had a debt of $33,593, a 9.09 percent increase from 2017. It was one of the highest rates in the nation; only Washington D.C., Delaware, Pennsylvania, Rhode Island, New Hampshire and Connecticut students graduated with more debt, LendEDU stated.

Researchers shared the following information about their methodology:

“LendEDU’s Student Loan Debt by School by State Report was created using the newest Peterson’s financial aid data. Peterson’s released the new data for the Class of 2018 at the start of August 2019. The data was reported through a voluntary survey to the colleges and universities… LendEDU did not audit the accuracy of the college-level data. Therefore, the state-level data may not be completely accurate.”

Learn more about how researchers reached their conclusions.

• See related article: Struggling New Jersey Student Hands Out Resumes On Street, Scores Job
• See related article: NJ's 'Free Tuition' Program Is A Big Hit At Essex County College

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