The Project on Student Debt has released their most recent study that shows that the average student debt for students graduating in 2010 rose 5% over the previous year. The average student debt now stands at $25,250.
They also provide the loan data for each state and for most public and private colleges in a state. And the loan rate can vary dramatically from college to college. For instance, in Minnesota, where I live, we have the University of Minnesota and three branch campuses. The average debt at the University of Minnesota Twin Cities is $27,578 while the debt at the campus in Duluth is $30,098 and the branch at Morris only $22,952.
Similarly the loan debt at private colleges varies considerably. Carleton College, the most expensive college in the state, has a student loan debt of $19,436, the lowest in the state, while Concordia College Moorhead costs $18,000 less but has an average student debt of $32,271.
As I have said many times before, don’t worry about the stated cost of a college. Your only concern is what the college will cost you. Take a look at this website to see what sort of debt the colleges you are considering have for their students.
Leave a Comment