Average indebtedness of students taking loans

[BlackBox]

I was wondering if anyone could link me to data pertaining to the average student loan debt for those students taking loans- not the whole population. I would like to see what type of bias exists in the current average values that include students who pay most/all of their education w/o loans.

Thanks

---

Members don't see this ad.

 

[Jojokarade]

It depends on the school. For the schools you are interested in, look up how much it cost each year (tuition, room and board, books, etc.) and subtract out how much you and your family can contribute. That will be your debt plus whatever the interest rate is. Each school is completely different and each year the average debt is different.

 

[PapaGuava]

It depends on the school. For the schools you are interested in, look up how much it cost each year (tuition, room and board, books, etc.) and subtract out how much you and your family can contribute. That will be your debt plus whatever the interest rate is. Each school is completely different and each year the average debt is different.

Best method right here

 

[BlackBox]

It depends on the school. For the schools you are interested in, look up how much it cost each year (tuition, room and board, books, etc.) and subtract out how much you and your family can contribute. That will be your debt plus whatever the interest rate is. Each school is completely different and each year the average debt is different.

Best method right here

Thanks, but I am looking for population statistics- By how much does this average increase if you subtract out those students who pay for school with cash?

Here's why:

My school's paper ran a story comparing the average debt of graduating students to their socioeconomic background (their parents income). What they found was kinda obvious. Those parents whose families made more, contributed more. Very obvious. This left a rather large gap b/t the poorer families and the wealthier. Considering this was a comparison of the Ivys, the gap was quite large.

If you consider that 75% of all medical students come from the two upper quintiles of the income bracket (10% from the lower 2), and that this majority likely has considerable financial backing outside of student loans, imagine what this would do to the "average." It likely means that the poorest students are straddled with a disproportionate amount of debt. I would LOVE to know the debt burden of those lowest 10%.

 

[terp720]

Thanks, but I am looking for population statistics- By how much does this average increase if you subtract out those students who pay for school with cash?

Here's why:

My school's paper ran a story comparing the average debt of graduating students to their socioeconomic background (their parents income). What they found was kinda obvious. Those parents whose families made more, contributed more. Very obvious. This left a rather large gap b/t the poorer families and the wealthier. Considering this was a comparison of the Ivys, the gap was quite large.

If you consider that 75% of all medical students come from the two upper quintiles of the income bracket (10% from the lower 2), and that this majority likely has considerable financial backing outside of student loans, imagine what this would do to the "average." It likely means that the poorest students are straddled with a disproportionate amount of debt. I would LOVE to know the debt burden of those lowest 10%.

I don't actually know any statistics, but in one of the financial aid presentations I had, they said that the group that has the highest debt is typically the middle. The wealthiest don't qualify for aid from the school, but their parents can pay. The lowest group qualifies for aid, lowering their debt. The middle group doesn't qualify for aid, but they aren't wealthy enough for their parents to contribute -- hence highest debt. Not sure how true this is though, but just what I was told at one school.

 

[BlackBox]

I don't actually know any statistics, but in one of the financial aid presentations I had, they said that the group that has the highest debt is typically the middle. The wealthiest don't qualify for aid from the school, but their parents can pay. The lowest group qualifies for aid, lowering their debt. The middle group doesn't qualify for aid, but they aren't wealthy enough for their parents to contribute -- hence highest debt. Not sure how true this is though, but just what I was told at one school.

Hmm... it's interesting. I wonder how the middle is really defined.

I started thinking about this when I calculated by total debt would be close to 340K.