Average Debt vs. Financial Aid??

[bcat85]

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Ok so, I just received a financial aid package, and it in no way corresponds to the "average graduate debt" as reported by my school (by my estimate it will be ~50-75k higher). I got the highest scholarship that they offer, but I'm still going to be well over 200k when I graduate, and the average reported is only 150k. I'm not sure that I understand how students are only graduating with an average debt this much lower than mine... can someone explain this to me?

 

[dArroway]

Parent contributions, true disadvantaged students receiving need based aid... those would be my 2 guesses ?

 

[HumidBeing]

Spiraling cost of education so that the average is already outdated by the time the latest class matriculates? At best, I'd guess that the figures given were for classes that started 5 years before the incoming class.

 

[87138]

Average Student Debt is essentially a useless stat. It is easily and significantly skewed by people who pay for med school up front (or have their parents do so), and In State vs. Out of State tuition. Basically, unless a school is a state school and offers a significant tuition break to in state students, if it has a "low" Average Student Debt it is telling you "rich people come here."

 

[HumidBeing]

Since this is a Financial Aid topic, I'm going to go ahead and move your thread over there where you're most likely to get knowledgeable replies.

 

[TheRealMD]

Ok so, I just received a financial aid package, and it in no way corresponds to the "average graduate debt" as reported by my school (by my estimate it will be ~50-75k higher). I got the highest scholarship that they offer, but I'm still going to be well over 200k when I graduate, and the average reported is only 150k. I'm not sure that I understand how students are only graduating with an average debt this much lower than mine... can someone explain this to me?

Most people won't spend as much as the schools "give" you. You should try your best to cut corners where you can. Frugal living and what not.

I think there's a thread in the allo forum about it. Pretty much not wasting money on "nice" but useless crap. Cutting off cable TV when you realize you don't watch it. Changing cell phone carriers. Reducing your electric bill by saving energy. All that kind of stuff.

 

[alwaysaangel]

The biggest skew is people who are paying for med school without loans.

I'd say 15-25% of my class has their parents paying for med school.

Thats 200,000(.75)+0 (.25)=150,000

That puts the average debt about 50k lower than what those of us actually taking out loans will be.

As others have said there are other skewing factors as well. Scholarships for disadvantaged, minority, or really smart matriculants. As well as MD/PhD students if the school has a program.