12 Oct College Student Loan Borrowing Continues to Rise
It seems today’s students are borrowing more in loans, while most colleges and universities are raising tuition and fees. For the most part, that’s all too true.
According to U.S. News College Compass, featuring data compiled by U.S. News & World Report, college graduates from the class of 2017 who took out student loans borrowed nearly $30,000 on average, according to data reported to U.S. News in its annual survey. That’s around $9,000 more than borrowers from the class of 2007 had to shoulder – representing a more than 40 percent increase in the amount students borrow.
The majority of 2017 graduates – 66 percent – took out loans to pay for the growing cost of college. For college students who take out federal loans, the maximum amount for subsidized and unsubsidized direct loans is set to $31,000 by the Department of Education for most undergraduates. Recent college grads are close to maxing out this limit.
Did you know? In 2018, 10,000 Degrees awarded more than $3.6M in annual scholarships to over 2,000 students. Through financial aid counseling and money management training, 10,000 Degrees students take on 80% less student loan debt than their peers.
See full blog post by Farran Powell for U.S. News & World Report