How much does the average college student owe in loans after graduation?
Posted by admin on 23 Feb 2009 2:28 pm. Filed under Financial Aid.
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also would you suggest this as a good way to pay for college? If not, do you have any other ideas?
also would you suggest this as a good way to pay for college? If not, do you have any other ideas?
5 Comments to “How much does the average college student owe in loans after graduation?”
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On February 26th, 2009 at 9:58 am
Hey there, not sure about the average, but I went to a private christian college for 3 years, and I owe about $19,000 in school loans…will take me forever to pay off, but it is worth it to have my degree. =) Hope that gives you some kind of idea. (I did have a lot of credits transfer so that helped lower my costs somewhat)
On February 27th, 2009 at 7:17 pm
It really depends what kind of school you go to and what you take the loans out for. Some people I know pay as much as they can as they go and only have like five thousand dollars. Others get loans out to pay for everything, even stuff like gas money and all that and they have like forty or fifty thousand to pay off. If you’re smart about it, it won’t be too bad.
On March 2nd, 2009 at 10:07 pm
Well. Here in Washington state the average student receives $2500 a quarter in loans, if parents aren’t contributing. So, four years and that’s $30,000 dollars. And that’s how much I’ll owe when I am done in 2 years. Puts a huge stress on you and while I can’t wait to graduate I am seriously dreading the day when I have to start paying that back. I would strongly suggest going after every and any scholarship you can find. And save, save, save!!! Open an ING Direct account, 4.4% interest, and just put all your money away.
On March 4th, 2009 at 3:22 pm
I don’t know the average loan, but I owed about 20,000 when I graduated. I would suggest that you attempt to get work study, grants, and scholarships first before you have to get a loan. has some great resources that help you get scholarships and filling out your FAFSA will help you to see if you are eligible for a government grant. You can also get privite scholarships for other skills that you may have, so don’t just go to loans first. Also, the last thing to note, most loans have the smallest amount of interest and paying them back isnt too bad. Hope that helps!
On March 7th, 2009 at 8:39 am
Honestly it depends on where you go and the type of money you have left over. It works like this. The school gathers all scholarships and grants you’ve earned + financial aid money. They take that amount and then subtract it from the cost of you attending college that semester. Wat’s left over you either setup a payment plan with the school in which the balance within 2-3 months or you accept a loan that pays off that balance then and there.
Mind you, I only have to pay $5000 in loans b/c of my atheltic scholar. Once you graduate from college, it takes approx a month or so before those loans come back to haunt you in which you start paying a monthly minimum payment (mine is $78.00). Of course the more you put down on that payment, the less you have to pay in years to come so the less interest will be accumulated.
If you decide to go back to school, there are loans that will hold your payments and won’t start up again until you’ve graduated with your masters’ doctorate, specialist , ect.