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New Jersey among top 10 states with the highest student loan debt among millennials

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New Jersey among top 10 states with the highest student loan debt among millennials


A new study is shedding light on the cost of student loan debt in the United States.

GOBankingRates used the Education Data Initiative’s Student Debt by Generation 2023 to find each state’s total number of millennials with student debt and the total outstanding debt held by the generation. 

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The company then used the data, collected earlier this month, to determine the average millennial student debt in every state.

GOBankingRates found the highest average student loan debt among millennials was on the East Coast, with nine of the top 10 most expensive student debts found in the region. Illinois was the only outlier.

Here is a list of the top 10 states with the highest student debt among millennials: 

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  1. Maryland: $37,337
  2. New York: $37,173
  3. Illinois: $35,976
  4. Virginia: $35,846
  5. Georgia : $35,246
  6. Massachusetts: $34,821
  7. New Jersey: $34,801
  8. South Carolina: $34,672
  9. Florida: $34,561
  10. North Carolina: $34,440

Of the top ten, New Jersey is ranked seventh with an average debt for millennials of $34,801. 

Among the full list, Pennsylvania has an average student debt of approximately $33,951. The PA’s total outstanding millennial student debt is over $23 billion.

And in Delaware, the average millennial student debt is $33,110.

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While $1.48 billion is no small tab and approximately 44,700 millennials share it in outstanding student loan debts for DE.

“It’s no surprise that states such as New York, Massachusetts and Illinois have some of the highest student debt amounts,” Andrew Murray, the lead data content researcher at GOBankingRates, told FOX Television Stations. “Cities such as Chicago, Boston and New York are popular destinations for college graduates, who take their student debt with them when they move.” 

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A recent survey shows that students throughout the country agree that student loan forgiveness is a must. An Axios survey found that students on both sides of the political spectrum think the government should be doing more to help them pay off their debts.

Of the 4,168 students surveyed, 89% of the Democratic students and 81% of Republicans said the government should offer more relief options.



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New Jersey

Testimony at Sen. Bob Menendez's bribery trial focuses on his wife's New Jersey home

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Testimony at Sen. Bob Menendez's bribery trial focuses on his wife's New Jersey home


A New Jersey businessman rescued the home of Sen. Bob Menendez’s wife from foreclosure just as the Democrat allegedly helped him secure a lucrative business relationship with Egypt, a lawyer testifying at his bribery trial said Monday.

Attorney John Moldovan told a Manhattan federal court jury that he was working for the businessman, Wael Hana, in July 2019 when he was asked to pay over $20,000 toward the Englewood Cliffs, New Jersey, home’s mortgage.

Moldovan said Hana provided the money that he delivered to a bank to negate the need for a mortgage foreclosure lawsuit.

Menendez, 70, who has pleaded not guilty to multiple charges, moved into the home after the couple married a year later. Hana and Menendez’s wife, Nadine, have pleaded not guilty in the case as well, although Nadine Menendez’s trial has been postponed until July after she was diagnosed with breast cancer and surgery was required.

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In 2022, an FBI raid turned up 13 gold bars and over $480,000 in cash in the home, and a federal agent who led the raid testified extensively about it last week, saying tens of thousands of dollars were found stuffed in four jackets where the senator kept his coats. Other cash was found in bags and in a closet safe.

Prosecutors say the gold bars, cash and a luxury car found in the couple’s garage were bribery proceeds.



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New Jersey Man Charged with Possession of Explicit Materials Involving Minors

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New Jersey Man Charged with Possession of Explicit Materials Involving Minors


Bergen County

By: Najla Alexander 

Authorities in Bergen County announced the arrest of Noel Q. Ricketts, 25, of East Rutherford, on charges of possession of explicit materials involving minors. 

Bergen County Prosecutor Mark Musella said the arrest is the result of an investigation conducted by the Bergen County Prosecutor’s Office under the direction of Chief Matthew Finck.

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Officials stated that on Friday, May 17, members of the Bergen County Prosecutor’s Office Cyber Crimes Unit executed a search warrant at the residence of Noel Q. Ricketts during the course of an online explicit materials involving minors investigation.

According to officials, the investigation revealed that Ricketts used the Internet to view, download, and possess 3,700 items depicting explicit materials involving prepubescent and pubescent minors.

As a result of the investigation, officials said, Noel Q. Ricketts was arrested on Friday, May 17, in Paramus and charged with second-degree possession of explicit materials involving minors.

Officials say Ricketts was remanded to the Bergen County Jail pending a first appearance in Central Judicial Processing Court in Hackensack.

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The State We’re In: Saving money, helping the climate, aiding justice (New Jersey Conservation Foundation column)

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The State We’re In: Saving money, helping the climate, aiding justice (New Jersey Conservation Foundation column)


Interested in saving money on home energy bills? How about helping to fight climate change by reducing your carbon footprint? Or ensuring that the New Jersey communities most affected by environmental pollution get justice and help?

If so, the federal Inflation Reduction Act (IRA) of 2022 may have something to offer you – and your larger community.

A recent panel discussion moderated by the New Jersey League of Conservation Voters highlighted the many ways funding through the Inflation Reduction Act can be accessed by low- and middle-income families, along with community groups, schools, churches, nonprofit organizations and local governments.

“This is the biggest and boldest investment in our nation’s history – ever – that is taking action on climate change,” said Ed Potosnak, executive director of the NJ League of Conservation Voters. The law is projected to cut greenhouse gas emissions by 40 percent by 2030, positioning the United States to meet climate goals while investing in the economy.

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The “Affordable Clean Energy Plan” within the IRA works by creating financial incentives for individuals and community organizations to invest in greener choices – whether it’s a family switching to a geothermal home heating system, or a school interested in moving to electric school buses.

“The IRA is paving the way for a cleaner and more resilient future, and it demonstrates that environmental policy can be a win-win for both our wallets and the planet,” said Potosnak.

At the same time, funding through the IRA’s “Thriving Communities Program” is advancing environmental justice for underserved and overburdened communities.

Thriving Communities grants are available for projects aimed at preventing and remediating pollution, improving climate adaptation and resilience, mitigating the urban heat island effect, and improving public health. Grants will also help train workers from disadvantaged communities for well-paying jobs in fields related to the environment and climate.

Consumer Incentives

The consumer clean energy incentives come through a combination of tax credits, rebates, and lower energy bills due to improved efficiency.

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Millions of New Jerseyans are already eligible for tax credits, which make it more affordable to purchase an electric vehicle, install clean energy home heating systems, weatherize homes, and upgrade to high efficiency appliances. A tax credit is a dollar-for-dollar amount taxpayers can claim on their tax returns to reduce the income tax they owe or increase their refunds.

Rebates are not yet available in New Jersey, but the system is expected to be up and running by late 2024 or early 2025. Rebates differ from tax credits in that they will be given immediately, with no need to wait until tax returns are filed.

Here are some of the tax credits currently available under the program:

  • Up to $7,500 on a new electric vehicle, up to $4,000 on a used electric vehicle, and up to $1,000 on an electric vehicle charger.
  • A 30 percent tax credit on the cost of installing clean home energy systems, such as rooftop solar panels, geothermal heat pumps, battery storage systems, and small wind turbines.
  • Up to $3,200 for weatherization home improvements to save energy. These include a home energy audit, new exterior doors and windows, insulation, and an upgraded electrical panel.
  • Up to $2,000 off a heat pump water heater.

Want to know if you’re eligible for these incentives? Go to https://homes.rewiringamerica.org/calculator and fill in information about your ZIP code, household income, and the types of improvement projects you’d like. The calculator will provide detailed information about currently available tax credits, and rebates and upfront discounts that are expected to go into effect soon.

Environmental Justice

The panel discussion also outlined the ways IRA programs can help communities reduce pollution and become healthier. Jordana Vanderselt, director of operations for the organization WeAct for Environmental Justice, noted that 40 percent of the overall benefits of IRA must flow to marginalized, underserved or overburdened communities. WeAct has been designated as the regional hub for New Jersey and New York.

WeAct doesn’t carry out projects itself, but acts as a resource to help community groups find out what grants are available through the IRA, how to apply for them, how to design projects, how to develop partnerships with other organizations, how to engage the public and interact with local government, and how to manage grants and projects.

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IRA funding is available for many kinds of initiatives, including building community gardens in urban areas, planting shade trees in cities to reduce the urban heat island effect and improve air quality, and turning parking lots into “pooling zones” to reduce flooding. All projects have a workforce development component, with training available to provide community members with the knowledge and experience to find well-paying jobs.

Could your community benefit from the Thriving Communities Program funding? Visit www.weact.org/tctac/training to find out more.

New Jersey is a state that is experiencing many impacts from environmental pollution and climate change. What’s more, not all communities are experiencing impacts equally. The IRA programs offer New Jersey a chance to reduce greenhouse gases, lower consumer energy bills, and help marginalized communities get the justice they deserve!

To review a recording of the NJ League of Conservation Voters’ panel discussion, go to https://youtu.be/Hp4POr0rEzg. New Jersey Conservation Foundation is pleased to have been a co-sponsor of the webinar.

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And for information about preserving New Jersey’s land and natural resources, visit the New Jersey Conservation Foundation website at www.njconservation.org or contact me at info@njconservation.org.

 

 



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