Average Student Debt – $25,250
The report by the Project on Student Debt at the Institute for College Access & Success, “Student Debt and the Class of 2010” estimates that over two-thirds of college seniors who graduated in 2010 had student loan debt, with an average debt of $25,250. Parents and students interested in reducing their student loan debt must engage in more thorough research of colleges prior to applying for admissions as the average student loan debt varies widely by college and by state.
Parents and students must carefully consider the type of financial aid and the sources of the financial aid that they will receive from colleges that students are accepted to. Parents and students must also investigate if financial aid that a student receives is renewable each year of college. Rather than applying to colleges because of a college’s name or national ranking, students must consider colleges based on the quality of education and the availability of receiving the necessary financial aid.
The five highest debt states are:
- New Hampshire ($31,048)
- Maine ($29,983)
- Iowa ($29,598)
- Minnesota ($29,058)
- Pennsylvania ($28,599)
The first lowest debt states are:
- Utah ($15,509)
- Hawaii ($15,550)
- New Mexico ($16,399)
- Nevada ($16,622)
- California ($18,113)
High debt colleges include:
- California Institute of the Arts
- New York University
- Saint Joseph’s College
- Wheelock College
- Sacred Heart University
- Alabama A & M
- Alabama State
- Citadel Military College
- Pennsylvania State
- Temple University
Low debt colleges include:
- Augusta State
- Berea College
- College of the Ozarks
- Coppin State
- Elizabeth City State
- Kennesaw State
- Princeton
- Texas Southern
- Williams College