College Board® recently found in a recent study that the average student debt from a private school for bachelor’s degree was around $22,380.
In another study, according to the research and advocacy organization Project on Student Debt, in Oakland, California, 10 percent of 2007 and 2008 graduates had accumulated over $40,000 worth of student loan debt. They gathered this data per calculated Federal statistics.
While the students are burdened with the debt, in my opinion, the responsibility also falls upon the financial loan providers and the colleges who connect the students with their loan sharks.
In reality though, prestigious universities are not likely to discourage student loans to afford their hefty tuition rates.
“I think that would be completely inappropriate,” said Randall Deike, the Vice President of Enrollment Management for New York University, “some families will do whatever it takes for their son or daughter to be not just at NYU, but any first-choice college. I’m not sure that’s always the best decision, but it’s one that they really have to make themselves.”
I do see the college’s point, namely that the institutions are not always aware of how much debt their students are acquiring, making it more difficult to offer good financial counseling services and support.
So the continued debate of “how much debt is too much?” and “what is a reasonable investment in a student’s future?” continues on.
One thing is for certain though: It is imperative, now more than ever, that students, lenders and the university are aware of all the facts and figures of tuition costs before a student enrolls in that school.
Via Yahoo! Finance