Bad News for College Students: Student Loan Debt Problem is Getting Worse
How much debt students are taking on is getting higher and higher, which makes for a big struggle when they graduate.
The Institute for College Access and Success, which is a nonprofit, reported that the average student loan debt for a bachelors degree in 2015 is $30,100 which is a 4% increase from the year before. This survey was only done with students who went to public or non-profit Universities, obviously for Private Colleges the loan amount will be much greater.
I decided to ask around to see how much student debt some of my colleagues graduated with and the numbers vary greatly:
Josh- Graduated from a Minnesota State University in 2015- 4year Bachelors Degree: Student Debt $30,000.
Jess- Graduated in 2010 with AA Degree, Public and Private Colleges Student Debt: $40,000.
Jess' Sister-Graduated with Masters Degree from Public and Private Colleges in 2015. Student Debt: $90,000.
Lacey- Graduated in 2011 with a Bachelors Degree from a Minnesota State University. Student Debt: $37,000
Ian- A Senior in College has attended both Community Colleges and State Universities. Student Debt So Far: $20,000
Obviously looking at just my co-workers these numbers can vary even between state schools, of course some universities are more expensive than even between state schools. All I know is that I am so happy I went to College a long time ago and was fortunate enough to not have to take out any student loans, which I would still be paying off today.