Friday, February 11, 2011
Facts About College Debt
College student today are getting the education they need, but at what cost? Public four-year colleges charge, on average, $7,605 per year in tuition and fees for in-state students. The average surcharge for full-time out-of-state students at these institutions is $11,990. So when it comes to college debt, these numbers are nowhere near low and easily paid off.
A debt study, done by College Board, give us some insight into the 2007-2008 college graduates and will help you understand loan debt and some other points when it comes to college debt.
Here are some of the report’s fascinating college debt findings:
1. Two-thirds of college students graduated with college debt.
2. Among student loan borrowers, 25% left school with at least $30,500 worth of college debt.
3. 10% of all college students borrowed $39,300 or more for their education.
4. 38% of students attending public universities graduated with no college debt.
5. 28% of students attending private, non-profit colleges graduated with no college debt.
6. 52% of students with parents making more than $100,000 a year graduated with no student debt.
7. Student, attending private, non-profit colleges, borrowed an average of $16,900 in private student loans, which are the least desirable college loans.
8. Students, who attended public universities, borrowed an average $9,800 through private student loans.
9. Families with incomes above $100,000 were more likely to take out private college loans.
10. Students attending private, for-profit schools generated the worst debt. A whopping 53% of them graduated with college debt of $30,500 or more!
While borrowing for college can be worth the cost, what is scary for many families is how much borrowing is too much. Unfortunately, there is no one right answer to that question.
Thanks for checking out another blog post on debt and feel free to share your mind when it comes to college debt! Happy writing!