WalletHub: New Jersey ranks as the 5th most impacted by the end of student loan payments moratorium

NEW JERSEY – New Jersey ranks as the 5th most impacted by the end of student loan payments moratorium, according to a study done by WalletHub.

With federal student loan interest having resumed on September 1 and payments required again starting in October, the personal-finance website WalletHub Tuesday released its report on the States Most Impacted by Student Loan Payments Moratorium Ending.

Accompanying this study, WalletHub also released the results of its 2023 Student Loan Moratorium Survey, which uncovered a number of interesting findings that are listed below.

Impact of the End of the Student Loan Payments Moratorium in New Jersey (1=Most, 25=Avg.):

• Overall rank for New Jersey: 5^th
• 20^th – Average Student Debt per Borrower
• 22^nd – Share of Residents with Student Debt
• 10^th – Share of Student Loans in Past-Due or Default Status
• 10^th – Average Student Loan Debt Eligible for Forgiveness per Borrower
• 4^th – Share of Student Loan Borrowers Eligible for Forgiveness

1. Pennsylvania
2. Mississippi
3. New Hampshire
4. Delaware
5. New Jersey

Top 5 least impacted by the end of student loan payments moratorium:

1. Wyoming
2. Washington
3. Montana
4. New Mexico
5. Idaho

For the full report, click here.

Student Loan Moratorium Survey Key Stats

• Taxpayer Fairness: 48% of people think the student loan moratorium was not fair to American taxpayers.
• Huge Help: More than 3 in 4 people with student loan debt say the student loan moratorium was helpful for them.
• Future Impact: 56% of people with student loan debt say the end of the student loan moratorium will affect their finances a lot.
• Uncertain Timeline: 1 in 3 Americans with student loan debt say they don’t know how long it will take them to pay off their student loans.
• What People Would Do to Be Free: 45% of people with student loan debt say they would start an OnlyFans account to be free from student loan debt, while 51% would eat student cafeteria meals for a year, 33% would move to another country.
• Student Debt vs. Credit Card Debt: Nearly 2 in 4 people think student loan debt is more concerning than credit card debt.
• Fairness of Forgiveness: 3 in 5 Americans say it is fair for some people’s student loans to be forgiven.

To view the full report, click here.