With more than $1.2 trillion in outstanding student loan debt—$38 billion in New Jersey alone, according to the U.S. Department of Education—making college affordable is imperative. As the economic and social costs of student loan debt continue to rise, it is essential for universities to do more to address these debt challenges.
According to the Institute for College Access and Success, 69 percent of students who graduated from public and nonprofit colleges in 2014 had student loan debt, with an average of $28,950 per borrower. That represents a four percent increase over the last decade. During this period the average debt at graduation rose at more than twice the rate of inflation.
Over the last ten years, the average student debt for graduates of New Jersey institutions grew from $16,223 in 2004 to $28,318 in 2014. Fifty-eight percent of New Jersey four-year college graduates had debt in 2004, increasing to 68 percent in 2014.
If America’s public higher education system is to remain accessible to the majority of Americans, change—radical change—needs to occur.
Rutgers University–Camden is making significant progress in that direction. In October, Rutgers–Camden announced a new financial support program that will transform access to a Rutgers degree by helping low and moderate income New Jersey families in dramatically reducing their college costs by waiving tuition in full or by half. The groundbreaking “Bridging the Gap” initiative is the first of its kind among New Jersey’s public four-year colleges and universities, and it strengthens Rutgers–Camden’s commitment to providing access to a world-class Rutgers degree within a supportive campus environment.
Rutgers–Camden’s “Bridging the Gap” initiative is an innovative response that is structured to help ensure that every New Jersey student and family seeking a world-class Rutgers education can do so in South Jersey. Furthermore, the program offers a pathway to achieve a Rutgers degree regardless of race, ethnicity or socioeconomic status.
