The latest student-debt rankings put Rhode Island near the top – and not in a good way.
According to LendEDU, an online student lending tool, the average student debt for Class of 2017 borrowers among Rhode Islanders totaled $35,371. That figure put the Ocean State second from the bottom, with only Pennsylvania burdening its students with more debt on average.
This is not a list you want to be poorly ranked on, because it can have a direct impact on the ability of college graduates to establish themselves. And it is especially troubling given the well-known and long-standing issue of expensive housing in Rhode Island. Those are two quick strikes against Little Rhody, making any significant moves forward for the state’s economy more difficult.
Of particular concern is the ranking of the University of Rhode Island and Rhode Island College among the 200 public colleges with the most student debt. Both of the schools are designed to be a springboard for many less-advantaged students into the higher-paying jobs of the information age. Starting out with a significant chunk of student debt – $33,335 for URI grads and $25,791 for RIC grads – is not a recipe for achieving the American dream.
If nothing else, this ranking should cause the General Assembly to take a good, long look at the proposed expansion of the Rhode Island Promise scholarship program for students of the Community College of Rhode Island and URI, no matter who ends up as governor after the November election. A well-managed college scholarship program is a prudent investment in the state’s future.