New York, a state where the average student loan debt has topped $26,000 ranks 10th in the country when it comes to students owing money for their college educations, according to a nationwide advocacy group.
For the graduating class of 2010, 61 percent of New York college students came away with debt along with their diplomas, according to the Project on Student Debt. At the same time, default rates on those loans are rising.
Last week, Pres. Barack Obama toured some of the nation’s campuses to urge Congress to maintain the current interest rate on Stafford Loans, a federal program that provides low-interest loans to help pay for higher education. Interest on Stafford Loans is scheduled to double in July if Congress fails to take action, which would cost nearly $1,000 more on the life of a loan for New Yorkers.
In New York, 422,670 borrowers hold Stafford Loans, and the cost of those loans total $1.7 billion in New York alone, or an average of $4,033 per loan, according figures from the White House.
The potential increase comes at a time when college costs are soaring, even in the Lower Hudson Valley.
Here is a glimpse at the costs of four-year colleges in the region for the 2011-12 academic year, how they compared to the previous year and their student default rates for 2009, the latest available.
(Note: These figures only cover tuition and do not include books or housing):
*Berkeley College, White Plains: $21,750, up 5.1%
Manhattanville College, Purchase: $35,370, up 3%; 3.7% default rate
SUNY Purchase, Purchase: $6,829, up 5%; 4.7% default rate
The College of Westchester, White Plains: $20,070, up 4.2%; 10.8% default rate
New York Medical College, Valhalla: $18,125; 1.2% default rate
Mercy College, Dobbs Ferry: $17,360, up 2.1%; 5.2% default rate
Concordia College, Bronxville: $26,620, up 4%; 3.9% default rate
Sarah Lawrence College, Bronxville: $45,212, up 3.8%; 1.7% default rate
Iona College, New Rochelle: $30,192, up 4.7%; 4.2% default rate
*Monroe College, New Rochelle: $12,440, up 2%
The College of New Rochelle, New Rochelle: $29,100, up 3.9%; 12.2% default rate
Saint Thomas Aquinas College, Sparkill: $23,720, up 5.8%; 3.3% default rate
Nyack College, Nyack: $21,500, up 4.9%; 8.4% default rate
Dominican College, Orangeburg: $22,940, up 4.9%; 7.8% default rate
Here are the costs of two-year colleges:
Westchester Community College, Valhalla: $4,513, up 7.1%; 12.4% default rate
Rockland County Community College, Suffern: $3,985, up 5.6%; 10.7% default rate
Nationwide, the default rate for fiscal year 2009 was 8.8 percent while it was 7.1 percent for New York.
*Default rates were not available for these campuses.
All figures were supplied by the U.S. Department of Education, Default Prevention and Management program and the National Center for Education Statistics.