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Most of you are aware that once you’ve graduated you are responsible for paying back your student loan debt. But what you may not be aware of is the amount of debt that you are in.
A recent study by the National Center for Education Statistics shows that about 50% of recent college graduates have student loans, with an average debt of $10,000. That may seem reasonable when entering your first year of college, but will it still be reasonable when $10,000 becomes $40 to $60,000 yielding a monthly payment of over $500?
The average cost of college may increase, but be wise in choosing the amount that you borrow.
There are many ways to reduce to your debt load, but it begins with you making a wise, responsible decision. Borrow what you need, not what you want.