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Student Loan Facts

Did you know that student loan debt now exceeds total credit card debt in the United States?

With the cost of college growing so quickly college students and their families need to pay close attention to the amount of student loans taken out in the pursuit of a college degree.  We've put together this section which includes links to news stories, helpful checklists and other student loan debt resources to help you avoid excessive amounts of student loan debt.

Take a look at the following summary prepared by The Project on Student Debt.  A few selections we found most interesting from their research:

  • Average debt levels for graduating seniors with student loans rose to $23,200 in 2008 - a 24% increase from 2004.

  • At public universities, average debt was $20,200 - 20% higher than in 2004.

  • At private nonprofit universities, average debt was $27,650 - 29% higher than in 2004.

  • At private for-profit universities, average debt was $33,050 - 23% higher than in 2004.

  • See the report here: Quick Facts about Student Debt (PDF)


Student loan debt exceeds credit card debt in USA.

Here's a USA Today story which has a number of helpful statistics and examples of students caught in student loan debt nightmares:

 http://www.usatoday.com/money/perfi/college/2010-09-10-student-loan-debt_N.htm


$30,000 worth of student loan debt

Watch this video of a college student who hasn't completed her degree yet, and has dropped out with $30,000 worth of student loan debt:


http://money.cnn.com/video/pf/2011/03/01/pf_student_debt_no_degree.cnnmoney/


Student Loan Checklist

Here's a helpful checklist you might want to use that was developed by FinAid.org (a great web site to learn about student loans and options to finance your education) to help students track their student loan debt: Student Loan Checklist