saddled with college debt. There was some relief in March when the CARES Act was passed in Congress, which suspended federal student loan payments and set interest rates to 0% until September 30th initially. Recently, with no new stimulus package passed, President Trump signed an executive order extending the student loan forbearance until December 31st. But these measures are temporary — what happens when they expire and the economic effects of COVID-19 are still affecting us? There have been growing calls for permanent debt cancellation, with a variety of proposals being put forth by lawmakers, but it’s unclear if any will actually pass.
” data-reactid=”23″>During the pandemic, it’s been hard enough to cover living expenses month to month — and it’s worse when so many of us are also saddled with college debt. There was some relief in March when the CARES Act was passed in Congress, which suspended federal student loan payments and set interest rates to 0% until September 30th initially. Recently, with no new stimulus package passed, President Trump signed an executive order extending the student loan forbearance until December 31st. But these measures are temporary — what happens when they expire and the economic effects of COVID-19 are still affecting us? There have been growing calls for permanent debt cancellation, with a variety of proposals being put forth by lawmakers, but it’s unclear if any will actually pass.
debt is for federal student loans; only 7.7% are private loans. All the while, college keeps getting more expensive. For the 2019-2020 academic year, average in-state tuition for a public four-year college was $10,440, according to the College Board. With room and board included, it was $21,950. For out-of-state public four-year colleges, average tuition was $26,820. For private colleges, $36,880.” data-reactid=”24″>Student debt is one of the many national crises we’re facing in 2020. Collectively, we owe almost $1.7 trillion now. The vast majority of this debt is for federal student loans; only 7.7% are private loans. All the while, college keeps getting more expensive. For the 2019-2020 academic year, average in-state tuition for a public four-year college was $10,440, according to the College Board. With room and board included, it was $21,950. For out-of-state public four-year colleges, average tuition was $26,820. For private colleges, $36,880.
LendEDU has analyzed the state of student debt across 475 U.S. colleges. Ahead is a look at which states and colleges leave grads with the most and least debt.” data-reactid=”25″>While the average amount of debt graduates left college with was $29,076 in 2019, the situation differs significantly from state to state and college to college. That’s why, for the fifth year, LendEDU has analyzed the state of student debt across 475 U.S. colleges. Ahead is a look at which states and colleges leave grads with the most and least debt.
third cheapest in-state cost in the nation, behind Florida ($6,350) and Wyoming ($5,580). When it comes to out-of-state tuition, Utah adds a premium of over $14,000, resulting in an average tuition of $21,770. The other top five states with the lowest average student debt were New Mexico ($20,497), Nevada ($22,418), Florida ($22,953), and Wyoming ($23,444). But those states also had significantly higher proportions of students graduating with debt, in the high 40s compared to Utah’s 32%.
” data-reactid=”33″>However, much of this may be due to cheap in-state tuition for public four-year universities, which averaged around $7,160 in 2019-2020. That’s the third cheapest in-state cost in the nation, behind Florida ($6,350) and Wyoming ($5,580). When it comes to out-of-state tuition, Utah adds a premium of over $14,000, resulting in an average tuition of $21,770. The other top five states with the lowest average student debt were New Mexico ($20,497), Nevada ($22,418), Florida ($22,953), and Wyoming ($23,444). But those states also had significantly higher proportions of students graduating with debt, in the high 40s compared to Utah’s 32%.
2016 report by the Boston Fed’s New England Public Policy Center, most of the high student debt in this region is due to the number of students “attending costlier, private, four-year institutions.” However, it also notes that graduates of colleges in this region tend to have lower rates of loan defaults and lower rates of delinquency.
” data-reactid=”36″>If you’re looking for the most affordable college education possible, you might want to avoid New England. Though it boasts a lot of schools, many of them historic, it also has some of the steepest student debt. Connecticut is the bottom state on this ranking, with an average of $41,579 in student debt upon graduation. Then comes New Hampshire with $41,511. Pennsylvania ($38,521), Delaware ($37,447), and Maine ($36,339) round out the bottom five. The other two New England states reporting data came in at #39 (Massachusetts, $31,549) and #40 (Vermont, $31,619), and Rhode Island was not included in the study because it does not have any qualifying institutions. According to a 2016 report by the Boston Fed’s New England Public Policy Center, most of the high student debt in this region is due to the number of students “attending costlier, private, four-year institutions.” However, it also notes that graduates of colleges in this region tend to have lower rates of loan defaults and lower rates of delinquency.
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Utah saw the biggest decrease in student debt between the class of 2019 and class of 2018, but Louisiana also saw a fairly big decrease of 13.21%; Washington, D.C.’s debt decreased by 11.50%, Arkansas’s by 10.43%, Texas’ by 9.83%.
US News. Number two is Texas A&M International University, whose undergrads leave with around $3,477 in loans. (Not to be confused with Texas A&M University in College Station, where students have an average of $24,590 in loans.)
” data-reactid=”45″>LendEDU’s analysis also has a breakdown of all 475 schools included in its report. The school rankings look at the amount in loans (both federal and private, but not including parent loans) taken out by undergraduate students at four-year institutions who received a bachelor’s degree. By this measure, the winner is Bryn Athyn College of the New Church in southeastern Pennsylvania, where students leave with an average debt of $2,825. It’s a private Christian college with an undergraduate enrollment of under 300, according to US News. Number two is Texas A&M International University, whose undergrads leave with around $3,477 in loans. (Not to be confused with Texas A&M University in College Station, where students have an average of $24,590 in loans.)
Webb Institute in New York, Berea College in Kentucky, and California State University, Chico make up the remainder of the top five, with an average debt load under $6,000. Harvard University is #7, with an average of $6,170. Despite having the lowest average student debt overall, Utah’s first appearance on the individual school ranking is at #25 for Brigham Young University ($14,672).
facing accreditation issues.) #473 is Immaculata University ($55,126) in Pennsylvania, #472 is The New School for Public Engagement ($54,566), and #471 is the Culinary Institute of America ($51,200). This means that three of the bottom five schools are in New York state — and all of them are in the Northeast.
” data-reactid=”49″>All the way at the bottom of this ranking is the New York School of Interior Design, where the average debt is $65,401. #474 is the Massachusetts College of Pharmacy and Health Sciences in Boston, with $58,012. (In 2017, the school was facing accreditation issues.) #473 is Immaculata University ($55,126) in Pennsylvania, #472 is The New School for Public Engagement ($54,566), and #471 is the Culinary Institute of America ($51,200). This means that three of the bottom five schools are in New York state — and all of them are in the Northeast.
no-loan financial aid policy. However, in reality, a sizable proportion of students even at these schools have to take out loans to attend.
” data-reactid=”55″>Most Ivy League schools did not report financial aid for 2019-2020 to the database used by LendEDU. But Ivy League schools are known for having big endowments and offering a more generous financial aid package than average, which may explain why Harvard ranked at just #7. In fact, several of them are among the growing number of colleges that have a no-loan financial aid policy. However, in reality, a sizable proportion of students even at these schools have to take out loans to attend.
led to a drop in enrollment. But the New York Times recently reported that the pandemic has led to increased interest in for-profit colleges, which often target low-income populations — those attending for-profit colleges often take on higher student loans than average, with a much higher likelihood of defaulting on them.” data-reactid=”56″>Over the past few years, more and more students seem to view leaving college without debt as a priority. When including students who graduated with no debt, the average student debt amount becomes $15,919, not $29,076 — and this is a decrease from $16,649 for the class of 2018. It’s unclear how COVID-19 will affect this trend, though. On the one hand, it’s already led to a drop in enrollment. But the New York Times recently reported that the pandemic has led to increased interest in for-profit colleges, which often target low-income populations — those attending for-profit colleges often take on higher student loans than average, with a much higher likelihood of defaulting on them.
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