2 answers

What is the average student loan amount?

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What is the average amount of student loans a person uses in order to go to college? I start school and August and I am trying to figure out the best cost effective way for me. I do not want to take a whole lot of student loans and be stuck in debt for the next ten years. #student-loans #studentloanforgiveness #student-debt #collegedebt #collegedecisions

2 answers

Tracey’s Answer

Updated
Hi Sh'Daedra,

Congrats on getting into college. First, start with getting the projected amount of tuition, fees, book, etc for your first year from student accounts at your school. That will give you an idea of how much it will cost to attend school per year and how much (scholarships, loans, grants etc) financial aid you will need.

I would set up time with a financial aid officer at your school and show them your projected cost of study per year. They are the ones who set up your financial aid package on a yearly basis. They will be in a better position to give you an accurate amount of loans required to meet your tuition payment obligations.

Best of luck to you.

Sia’s Answer

Updated

Hi Sh'Daedra, according to www.ticas.org, average debt is $30,100 per borrower. To better understand the debt you may accumulate at the schools you are looking at, talk to the financial aid office or review the data on their website. They should be able to provide that information. Please note that the debt will vary based on your personal circumstance. Lastly, I recommend reviewing your school options holistically versus solely based on cost as the less expensive school may not necessarily get you a better job that will allow you to quickly pay off your debt, if any.