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What is the typical debt load for graduates of four-year public universities?

What is the typical debt load for graduates of four-year public universities?

The vast majority of four-year public university graduates complete their undergraduate degree with a relatively modest and manageable amount of student debt. About 42 percent of students at four-year public universities finished their bachelor’s degree* without any debt and 78 percent graduated with less than $30,000 in debt. Only 4 percent of public university graduates left with payday loans Connecticut more than $60,000. And those with over $100,000 in debt are rarer still: they are anomalies representing less than half of 1 percent of all four-year public university undergraduates completing their degrees. 1

Student Debt in Perspective

Student loans help pay for tuition and fees, as well as room and board and other educational costs like textbooks. Among those who borrow, the average debt at graduation is $25,921 – or $6,480 for each year of a four-year degree at a public university. Among all public university graduates, including those who didn’t borrow, the average debt at graduation is $16,300. 1 To put that amount of debt in perspective, consider that the average bachelor’s degree holder earns about $25,000 more per year than the average high school graduate. 2 Bachelor’s degree holders make $1 million in additional earnings over their lifetime.” 3

What’s more, the share of student-loan borrowers’ income going to debt payments has stayed about the same or even declined over the past two decades. 4 Although 42 percent of undergraduate students at public four-year universities graduate without any debt, a student graduating with the average amount of debt among borrowers would have a student debt payment of $269 a month. 5 In recent years, most students with federal loans became eligible to enter an income-driven repayment plan for federal loans. (more…)