Question of the Day: What is the average amount of student debt for college graduates?
College graduates need a plan to pay back any money they chose to borrow. Let's see how much that is, on average.
- What factors would a person have to consider when deciding if it's worth it to graduate with tens of thousands of dollars in debt?
- Explain the relationship between the middle column (debt at graduation per student) and the right column (debt at graduation in May 2021 dollars).
- Are you concerned about student loan debt? Explain why or why not.
- What can a person do to minimize their debt when they graduate?
Behind the numbers (Education Data Initiative):
"Currently, student loan debt at graduation is an estimated $30,560. Despite the rising cost of tuition, graduates who have been out of school for years often owe more than new graduates due to interest rates.
- The average total student loan debt-to-income ratio (DTI) for a new graduate is 47%.
- The average monthly student loan payment for the Class of 2020 is an estimated $289.
- After adjusting for inflation, the Class of 2019 graduated with the highest amount of debt, with an average balance of $30,464 in June 2023 dollars.
- Before adjusting for inflation, the average student loan debt at graduation has increased 68% since 2004; after adjusting for inflation, the average debt increased 24%."
Played by over a million people, the game PAYBACK develops student decision-making skills required to get to and through college.
The PAYBACK Challenge, NGPF's annual scholarship contest, is open now through October 16th, with $50,000 in scholarships available. See the contest details.
Attend NGPF Professional Developments and earn Academy Credits on your own time! Check out NGPF On-Demand modules!