Almost 70 Percent of CPAs Polled by New Jersey Society of CPAs Have Outstanding Student Loans
The New Jersey Society of Certified Public Accountants (NJCPA) said almost 70 percent of the 109 respondents in a member survey last month carry student loan debt related to their education. Of those who provided data, close to 75 percent cited more than $20,000 in debt.
About half of the respondents are between the ages of 26 and 30, with 21 percent between age 31 and 35. The majority of survey participants (67 percent) said they expect to pay off their student loan debt within 10 years, while 19 percent said it will take more than 15 years to pay off their debt.
Because of the debt, more than 80 percent of the respondents said they are equally considering either moving to where the cost of living is less (43 percent) or taking a second job (43 percent). More than 25 percent said they would consider borrowing money from family or friends to pay down debt.
“Student loan debt is so pervasive today that young professionals in a variety of careers, including accounting, face considerable challenges,” said Ralph Albert Thomas, CPA (DC), CGMA, CEO and executive director of NJCPA. “The survey should enlighten accounting firms and other corporations who employ these professionals as to how much debt they have and see if they can help to alleviate that burden.”