One of the common things among millions of Americans is student debt. Student loans have become inevitable for many students due to the increase in college fees and other expenses. According to recent analysis, American students collectively have over $1.4 trillion worth of student loans to pay back, and more than 70% of graduates leave their universities or colleges with a student loan, according to MatchCollege.
Many experts advise students to take minimum loans, and look for financial aids such as grants and scholarships that they do not have to pay back. This way, they can focus more on building their careers rather than paying off debt in future.
Some colleges leave their graduate students with a growing mountain of debt, while others try to help students and make sure they do not take on more debt that they will struggle to pay back. Here is a list of colleges and universities from where students graduate with the least amount of debt…
- Over 65% of college students get a loan to complete their 4-year degree.
- Average debt per student reaches $7,062.
- Only 18% of college graduates get loans.
- The net debt per college student is $8,908.
- 48% of college students get loans.
- The net debt per college graduate reaches $13,415.
- 14% of students get a loan to meet their expenses.
- The average debt per college student is around $13,625.
Brigham Young University Provo
- 26% of college graduates get a loan.
- The average debt per college graduate is about $15,158.
- 3% of college students take a loan.
- The total debt per student is approximately $15,496.
University of Texas, Arlington
- 83% of college graduates take a loan.
- The average debt per student is approximately $15,559.
New College of Florida
- 35% of total college graduates get loans.
- The average loan that a student takes is approximately $16,577.
- About 23% of total graduates get loans.
- The average loan that a student takes is about $16,702.
Thomas Aquinas College
- 85% of college graduates get loans.
- The average loan that a student takes is about $16,986.
The school where the minimum number of students get a loan is Yale University, and the school where the maximum number of students get a loan is Thomas Aquinas College. Similarly, the average amount of loans that students take is high among Thomas Aquinas College students, and the amount is low among Berea College students.
How to Reduce College Debt
If you are worried about paying your student loan back, here are the possible ways you can use to reduce the total borrowed amount.
- Look for government and private scholarships before applying for a loan. A scholarship is a free source of money, because it does not need to be repaid.
- Save as much as you can. Every dollar you save will take you a little closer to paying your college debt.
- Start a part-time job to save money, and start paying interest while you are in college.
- Get admission in an in-state public college or a college that offers several financial aid packages.