In a bid to assist borrowers in Connecticut, which ranks among the top 10 states for average student loan debt, three state agencies have come together to produce a new student loan repayment guide.
According to the Project on Student Debt by the independent, nonprofit Institute for College Access & Success, Connecticut ranked seventh in the nation with an average student loan debt of $29,750 for students graduating in 2014 from public and private nonprofit four-year colleges.
The report showed 62 percent of Connecticut students graduating in 2014 had some level of debt. The new guide is available in seven languages and is available on the AG’s website.
The online guide is a public education initiative produced by the Attorney General’s office and the departments of banking and consumer protection. Its aim is to focus on the issue of student loan debt, which totals $1.2 trillion nationally and affects more than 43 million borrowers. The guide is available in seven languages.
Information was compiled from a variety of sources, including the U.S. Department of Education and Consumer Finance Protection Bureau, to help borrowers understand their loans, their rights and responsibilities, repayment options and how to avoid being a victim of scams.
“The average student loan debt held by each 2013 Connecticut graduate is over $30,000, almost two thousand dollars higher than the national average. This amount puts Connecticut sixth in the nation for average student loan debt,” said Consumer Protection Commissioner Jonathan Harris.
The working group is also looking at possible unfair trade practices among companies charging fees to help Connecticut borrowers locate or process their loans.
