Student Debt Across Morris County: How Much Does Your Town Owe?

MENDHAM, NJ— As the rate of college graduation increases, so does the amount of student loans taken out-- and those bills for new graduates can be massive. A new study found 5 Morris County towns are among the U.S. cities whose residents owe the most.

LendEDU’s report “U.S. Cities with the Highest & Lowest Student Debt Balances” takes a look at U.S. cities owe the most and least in student loan debt, and the findings aren't good for Morris County graduates.

Student loan debt is one of the highest form of debt in the U.S., second only to mortgages. In 2017, there are 43.3 million student loan borrowers who collectively owe $1.41 trillion in outstanding student loan debt. Six out of 10 students will graduate from college with debt. On average, these student borrowers will owe $28,400.

"For most, student loan payments have become another monthly expenditure that eats away at earnings, similar to a rent, electric, or water bill," the researchers said. "How big has the student loan debt crisis become? A few statistics can paint a pretty bleak picture."

As for the study's methodology, LendEDU used data licensed from Experian to pinpoint the 500 U.S. communities where the average student debt balances are highest and where they're lowest. To be considered for the study, a town or city had to have a population above 15,000.

Five Morris County towns made the top 500 towns with the most student debt-- but none made the 500 with the least student debt.

In New Jersey, Paterson students owe the least debt, with $20,675.07 owed on average. Tenafly students owe the most in N.J. and the 12th most nationally, with a loan bill of $48,022.80.

Here's how the five ranked Morris County towns rank nationally:

• 171. Madison $39,627.20
• 193. Chatham $39,152.90
• 233. Morristown $38,607.80
• 403. Morris Plains $36,389.40
• 432. Randolph $36,156.00

With Reporting by Lanning Taliaferro (Patch Staff)

Image via Shutterstock

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