Poor Credit Student Loans | Examining Average Student Loan Debt In The U.S.

Examining Average Student Loan Debt In The U.S.

According to the National Postsecondary Student Aid Study, sponsored by US Department of Education’s National Center for Education Statistics, average student loan debt has increased 5.6% ($1,139) every year since 2003-2004. In 2007-2008, two out of every three undergraduates completed their studies with thousands of dollars in loan debt. The average college student graduated owing $23,186 in student loans. If we include PLUS loans, 66% of college students graduated with debt. In this case, the average student loan debt was $27,803. Every year, 13.5% of parents borrow PLUS loans to finance their children’s college education. When their children graduate, these parents owe $23,298 in PLUS loans. With today’s ever increasing costs of higher education, today both parents and children are graduating with ever increasing college loan debt.
In 2007-2008, the National Postsecondary Student Aid Study performed a survey of 128,000 students including undergraduate, graduate, and professional students. In 2007-2008, students completed their Bachelor’s degrees with an average student loan debt of $19,999. One in every four owed $30,526 and one in every ten had borrowed $44,668 or more.
Graduate and professional students owe even more money. A graduate degree can cost an additional $30,000 to $120,000. One in every four graduate students borrows upwards of $42,898 for a Master’s degree, and that figure jumps to $75,712 for a doctorate degree. Professional students borrow even more. They graduate owing an additional $118,500 for a professional degree. As the level of education increases, so does the average student loan debt.
Although graduate degrees result in increased debt, it is important to note that students who complete bachelor’s degrees with no debt are 1.7 times more inclined to pursue graduate or professional studies. In other words, students who finish bachelor’s degrees with high debt loads are less likely to pursue graduate or professional education that might result in higher earning power. However, the fact that even graduate and professional students graduate with high debt levels shows that loans are virtually unavoidable.
Whether you are above or below the average student loan debt level, if you are struggling to pay back your loans there is help available to you.  Speak with a loan representative about your options today.

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