2008 Woodie Awards
Debt stressful for future graduates
Thomas Nelson
Issue date: 10/4/07 Section: Features
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Both before and after a student goes to college, debt can be a serious problem. The fear of debt can make students compromise on college choice, drop out, or give up higher education altogether.
The year 2005 marked the first-ever analysis of student debt levels at the campus and statewide level. The report, named The Project on Student Debt, was based on data collected from more than 1,400 four-year colleges and universities around the country. The report brought attention to a problem that had not been studied significantly before.
The 2006 report, released last month, found significant changes at the national, state and institutional levels.
One of the biggest key findings was the increase in student loan debt. There was an eight percent increase in average student loan debt from 2005 to 2006 at campuses reporting data for both years. In comparison, the starting salary for graduating seniors only rose four percent in that same time.
The average debt for the class of 2006 was $19,646. However, this number is likely $1,500 lower than the actual average. This is due to the limited number of campuses reporting, and deficiencies in the information available to college officials. This would make the average debt around $21,000.
Graduates from institutions in the District of Columbia and New Hampshire face the highest debt levels at $27,757 and $24,800, respectively. Hawaii graduates have the lowest debt, at $11,758. Kansas falls in the middle at $17, 617.
The average tuition for 2006 was $9,983 per year. This means that the average cost of college for a 2006 graduate was $39,932. Thus 2006 graduates, on average, had over half of their college tuition paid for them, $20,286 to be exact. However, are these numbers really and truly accurate?
Well, no, not really. The report says that only 57 percent of the data is reliable. Twenty-seven percent is repeated or inconsistent and 16 percent is incomplete or flat-out missing.
The year 2005 marked the first-ever analysis of student debt levels at the campus and statewide level. The report, named The Project on Student Debt, was based on data collected from more than 1,400 four-year colleges and universities around the country. The report brought attention to a problem that had not been studied significantly before.
The 2006 report, released last month, found significant changes at the national, state and institutional levels.
One of the biggest key findings was the increase in student loan debt. There was an eight percent increase in average student loan debt from 2005 to 2006 at campuses reporting data for both years. In comparison, the starting salary for graduating seniors only rose four percent in that same time.
The average debt for the class of 2006 was $19,646. However, this number is likely $1,500 lower than the actual average. This is due to the limited number of campuses reporting, and deficiencies in the information available to college officials. This would make the average debt around $21,000.
Graduates from institutions in the District of Columbia and New Hampshire face the highest debt levels at $27,757 and $24,800, respectively. Hawaii graduates have the lowest debt, at $11,758. Kansas falls in the middle at $17, 617.
The average tuition for 2006 was $9,983 per year. This means that the average cost of college for a 2006 graduate was $39,932. Thus 2006 graduates, on average, had over half of their college tuition paid for them, $20,286 to be exact. However, are these numbers really and truly accurate?
Well, no, not really. The report says that only 57 percent of the data is reliable. Twenty-seven percent is repeated or inconsistent and 16 percent is incomplete or flat-out missing.
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