Tag Archives: college

Looking at the Student Debt in New Jersey

By Patty Moore

Americans owe more in student loans than they owe on credit cards. In 2014, Americans owed over $1 trillion dollars in student loans and only $659 billion in credit card debt, and the student debt numbers continue to go up.

This has left graduates with huge amounts of debt. In fact, the Class of 2016 has an average of $27,975 in debt to pay.

New Jersey hasn’t been immune to the student loan crisis. Check out how graduates at some of the state’s schools stack up.

How New Jersey Students Stack Up

New Jersey is right in the middle when it comes to student debt for the Class of 2016. The state ranks 25 among the 50 states with an average debt of $28,233 per student. That’s not as high as the national average, but it is still a cause for concern.

The debt differs greatly from one institution to the next. Students at the New Jersey Institute of Technology carry the most debt of all of the state’s public colleges. The average student debt is $40,967, and the average private student debt is $32,095.

The students at Georgian Court University carry more debt than students at any other private college in the state. They owe an average debt of $40,267. The average private student debt per borrower at this school is $38,910.

Rutgers University-New Brunswick ranks 17 out of 17 for public colleges in New Jersey. The average student debt per borrower is $25,974 and the average private student debt is $14,041.

Princeton University ranks 20 out of 20 for the private colleges. Students in the Class of 2016 have an average debt of $8,908 and an average private student debt of $14,463.

Paying off Student Debt

Those who find themselves saddled with student debt do have options. They can reduce their monthly payments or take measures to pay the debt off faster.

Let’s look at the various options.

Income-Driven Repayment Plans

Income-driven repayment (IDR) plans allow people to reduce their monthly payments. There are four IDR plans available. Choose from:

  • Revised Pay As You Earn Repayment Plan
  • Pay As You Earn Repayment Plan
  • Income-Based Repayment Plan
  • Income-Contingent Repayment Plan

Loans that are in default aren’t eligible for these plans. Also, people who only have Parent PLUS loans cannot apply for IDR plans.

Refinancing

Refinancing is another option. This allows people to take out a new loan with a lower interest rate. The new loan pays off the old loan and the borrower benefits from the lower interest rate. People can find loans that are several points lower in interest, allowing them to save thousands of dollars over the lifetime of the loan.

Consolidation

Graduates often think refinancing and consolidation are the same thing, but they aren’t in all cases. Though you can consolidate your loans while refinancing with a private lender, federal student loan consolidation lumps all of the student loans together so the graduate only makes one payment. The interest rate is determined by calculating the weighted average of all of the loans’ interest rates.

Consolidation can lower the monthly payment amount, but it is typically because the terms are extended. That means borrowers pay more in interest over the lifetime of the loan.

Debt Avalanche

Those who want to pay off their loans quickly can use the debt avalanche method. Borrowers order their loans by interest rate. They attack the loan with the highest interest rate first while making the minimum payment on all other loans.

Once the loan with the highest interest rate is paid off, they move on to the next loan. They continue this process until all of the loans are paid in full.

This is the best option for paying off debt quickly, but people who require instant gratification might have some issues with it. It can take a long time to pay off the high interest loans.

Those people might benefit from the debt snowball method.

Debt Snowball

Borrowers begin by ordering their debt from the smallest to the largest. They throw all of their extra money toward the smallest debt, while making the minimum payments on all other debts. They continue up the ladder until all debts are paid off.

They get to celebrate several victories along the way. It’s easy to feel happy each time a debt is paid in full.

New Jersey Residents Have Options

New Jersey residents might feel overwhelmed by their student debt, but they have options. Whether they want to lower their payments or pay down their debt quickly, there are choices available. After they come up with a plan, they can tackle their debt and finally pay everything off.

Seton Hall Pirates

Seton Hall University Basketball

Today at 1:30 PM the Seton Hall Pirates are taking on the Arkansas Razorbacks. The Pirates have three players that grew up in New Jersey. These players are: Myles Powell, Ismael Sanogo and Manny Anderson.

Big East Tourny Ready ?

A post shared by Myles Powell (@2mbp_) on

Myles Powell is from Trenton where he attended Trenton Catholic. As a freshman, Myles is a shooting guard for the Pirates.

????

A post shared by Myles Powell (@2mbp_) on

Ismael Sanogo is from Newark and he attended East Side High School. He is a junior forward.

Finally, Manny Anderson is from Franklin. He went to The Hun School then transferred to Worcester Academy.

Help us cheer on the Seaton Hall Pirates at 1:30 PM on Friday!

March Madness Bar and Restaurant Specials

March Madness is officially here. The tournament began on Tuesday, March 14th and will be running until Monday, April 3rd. We at #HipNJ are so proud to be cheering on our very own, the Princeton Tigers and the Seton Hall Pirates. 12th seeded Princeton University will be playing today March 16th at 12:15 PM, against fifth seeded Notre Dame University on CBS. Ninth seeded Seton Hall University will be playing tomorrow Friday, March 17th at 1:30 PM, against eighth seeded Arkansas University on TNT.

We have details on five great restaurants and sports bars that your friends and family could head to, while you watch our New Jersey teams play. Don’t forget to follow our bracket and make one of your own at GAMES.ESPN.COM.

Check out below to see the hip spots and specials that you won’t be able to resist while watching these games.

House of Que
Hoboken, NJ


House of Que is a bbq bar and restaurant that is located in Hoboken. Enjoy the view of the NYC skyline while enjoying their weekly drink specials during March Madness. Fill out your bracket and make sure to head on in Thursday, March 16th by 12pm to enter in on a chance to win great prizes.

Hours:
Sunday – Wednesday 11:00 AM – 12:00 AM
Thursday 11:00 AM- 1:00 AM
Friday – Saturday 11:00AM- 2:00 AM

Blue Moon Mexican Cafe
Englewood, NJ

Blue Moon Mexican Cafe is offering their “March Moon-ness” Bar Specials, which is only at their bar area during the televised games. Sit down and relax at their new location to enjoy specials like $3 beers, $4 sangrias, $5 house margaritas and 25%off house appetizers.

Hours:
Monday -Thursday 11:30 AM – 11:00 PM
Friday & Saturday 11:30 AM- Midnight
Sunday 11:00 AM- 11:00 PM

Miller’s Ale House
Paramus, NJ

 

Bring your bracket to our House to start #MillersMadness off right. #basketball

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Miller’s Ale House is back again with their annual #MillersMadness menu which features $2.50 Pints, $2.50 House Margaritas, $5 Jumbo Wings & more. Bring in your brackets and enjoy March Madness!

Hours:
Monday – Wednesday 11:00 AM – 2:00 AM
Thursday – Saturday 11:00 AM- 3:00 AM
Sunday 11:00AM- 2:00 AM

Public House 46
Clifton, NJ

 

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Head on into Public House 46 on game day to check out their daily specials. The sports bar has happy hour running from 12pm- 7pm which includes, $2 off all drinks, $1 off all beers and $4 tapas menu. Go in and watch the game on their 36 HD TV’s.

Hours:
Monday – Friday 12:00 PM – 3:00 AM
Saturday 12:00 PM- 3:00 AM
Sunday 12:00 PM- 3:00 AM

TopGolf
Edison, NJ


Head over to TopGolf in Edison to watch the big games on one of the 200 HDTV’s! You can even go in before the game to try out their high tech driving range. Enjoy their delicious appetizers and craft beer while watching one of the games.

Hours:
Monday – Thursday 9:00 AM- 12:00 AM
Friday – Saturday 9:00 AM- 2:00 AM
Sunday 9:00 AM- 12:00 AM