If you’re older, married, attending a for-profit school and an orphan, you are likely to graduate college with a larger chunk of debt following you than other students. That’s according to a new report released by The College Board. The study analyzed 2008 government data and found that two out of three college students leave with something besides their degree– they also take an average of $45,700 in debt with them. “We just wanted to know who are these students with the greatest debt,” Patricia Steele, a co-author of the report and research consultant to the College Board, told The New York Times. The study could be used in public policy decisions, according to Steele. Here are some additional findings:
- The likelihood of debt is twice as high for independent students compared to dependent students.
- Nearly one in four independent students earning a bachelor’s degree had at least $30,500 in debt, with about half owing more than that.
- For dependent students, the study found no relationship between debt level and income.
- Students graduating from for-profit schools are more likely to have high debt.
- Only 4 percent of graduates at for-profit schools left with no debt.
- Sixty-five percent of borrowers earning degrees from for-profit schools had an average of $11,300 worth of private debt, which was in addition to federal student loans.
- Dependent students from families who earn incomes over $100,000 hold the highest non-federal debt amounts. The report says many of these students probably never applied for federal financial aid which is why they hold so much private debt.
- Data showed that of students attending public schools, 38 percent had no loans, about half had less than $30,500 in debt and 12 percent borrowed more than $30,500.
- A private non-profit schools 28 percent of students had no debt, about half had less than $30,500 in debt and roughly one in four owed even more.
Tags: cost of degree, school loans, Education, college debt, college degree
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