10 Colleges Where Grads Have High Debt
Category : Blog
To pay for studying and getting a degree is an everyday occurrence in the world of modern education. The costs of tuition fees vary between countries and depend greatly on the regions, economy, social factors and other things. Some students with the help of their families can afford to study in prestigious public or private universities. In most cases, other students have to save much money or take part-time jobs to study where they want. They even take out student loans to pay for the degree and get a decent education. In recent years, a survey has been conducted to determine the number of student debts. Surprisingly, there have been lots of situations when graduates couldn’t pay off their loans.
If taking into account the 2016 report by Institute for College Access and Success, around 70 percent of all 2015 students had debt in both private and public educational institutions. This fact may strike if you consider how much time it may take to repay a student loan. Graduates can celebrate the end of their studies and receive a degree, but many of them still have to solve the problem of student debt.
What Do the Experts Say about Student Debt?
A popular non-profit and independent college and university ranking system in the United States is the U.S. News. It collects the most recent information about certain universities, their major features and offers, study courses, academic programs, costs for tuition, and other things. Every year, the U.S. News prepares its own top of universities or colleges on a specific topic basing on various criteria. In this article, we would like to discuss the ten schools where the large student loans weren’t paid by the graduates in 2015.
The highest percentage of students who borrowed money for the education was observed in Louisiana’s Grambling State University in 2015. That year, around 99% of students took out loans to get a degree but didn’t manage to pay them off in time. As it was said, the average debt was up to $51,900, which was the highest rate among 1020 other universities that sent their data to the U.S. News.
The next two institutions with a high average debt load were the Maine Maritime Academy (around $50000) and the Wesleyan College in Georgia ($48,640) with 82% and 43% of graduates who borrowed respectively.
If the Wesleyan College in Georgia has the smallest percentage of grads borrowed, the Dillard University boasts the 100% among all 10 schools presented. This Louisiana’s university takes almost the lowest position in the rate of colleges with high student loans (the average debt load is $47,297).
According to the U.S. News, the only National University in the list, the Stevens Institute of Technology in New Jersey reported 75% of the 2015 graduates who borrowed to pay for college. In this school, the amount of debt load was in average $48,244. However, appealing scholarships of around $13,000 and great financial aid helped some students to graduate without a debt.
The other schools in the U.S. News Short List were regional colleges and universities of the North. For instance, in Mount Ida College, Massachusetts, 92 percent of students took loans to get a degree, while the average debt load was $47,636. The Post University, Quinnipiac University, and Sacred Heart University, all located in the state of Connecticut, have similar rates by percentage and the amount of student debt.
The only Midwest college that took the last position in the rankings list was the Tabor College in Kansas (with the average loan of $47,172).