Average debt after college graduation varies widely by state and country. Average debt after college graduation for those attending public colleges is much higher than for those going to private schools. Surprisingly, there is a wide range of average debt levels among different types of students, even when factoring in the fact that most graduates have federal loans and very few go for grants. There are several things you can do to get rid of your average debt after college graduation.
Average student debt amounts to a very large percentage of income for most graduates in the United States. Average student debt after college graduation ranges from a high of almost half a million dollars for students who go to state schools, to a low of under six thousand dollars for students who attend private for-profit schools. Although the average student debt after college graduation is much higher in the United States than it was twenty or so years ago, this is mainly because of the increased use of the Internet as well as more aggressive financial aid programs. For this reason, the average student debt after college graduation is still substantially higher than average student debt in other countries.
Average debt before graduation varies significantly by location, family situation, and the type of school attended. The highest average debt is still associated with state schools, at almost two thousand dollars per graduate. Private for-profit colleges and universities average about one thousand dollars per graduate. Average debt is much less for those going to college on part time and part-time loans. For example, the average debt per graduate on a four-year college scholarship is about five thousand dollars.
Average student debt in the united states has been rising for several years. One important factor behind this has been the rising cost of college tuition. The average student debt in the united states has risen faster than most other forms of debt. The average student debt after graduation is a significant percentage of the graduates income.
One of the reasons average student debt is so high is that there are far fewer people able to qualify for federal loans or Pell Grants. Many students simply don’t qualify for unsubsidized or subsidized loans. If you combine subsidized and unsubsidized (read: no-aid) student loans, the average student debt after graduation is close to ten thousand dollars. The average student loan after graduation is not growing, but there are other types of student loan, including credit card debt.
Average debt is also much higher among hispanics and native Americans, even though their average earnings are lower. The reason for this is quite straightforward. Native Americans and hispanics have lower average earnings than white non-hispanic Americans, and hence their loan default rates are much higher. It is no surprise then that their average student loans are higher.
Now that I got that out of the way, let me tell you that average debt does NOT mean “student loan debt”. Average debt is just an average debt among people with similar backgrounds. This means if you are not white, you don’t have as much debt as someone who is. But if you are a white person, you have average debt. Average debt means a lot of people with less money, which means they have much more options to help pay off their debt.
Your next step? Get a free credit report online and check your payment status by using your SSN. You can check the accuracy of the information, but do not make any changes unless you are absolutely certain that your payment status is correct. This could affect how much you pay on your monthly bill payments and how much you pay for your outstanding student loan debt. As an added note, if you think you owe money on your car or another vehicle, check your bank statement and compare it to your experian statement to see if you are listed as a delinquent borrower on your experian statement. If you are, this could lead to further fines.