Already a member?
Welcome to Brazen Careerist!
Broke Grad is using Brazen Careerist to share ideas. Join now to become a member and start networking with Broke Grad and other professionals just like you. Learn more.
Broke Grad is using Brazen Careerist to share ideas. Join now to become a member and start networking with Broke Grad and other professionals just like you. Learn more.
A few days ago, this infographic of average student debt by state was made popular on Digg. It shows the statewide average debt levels of college graduates per state. Where do you fall on the map?
It’s interesting to note that the Northeast has higher student loan debt averages because more students attend private colleges. In fact, I got into a private college in the Northeast for grad school, but I declined in favor of a way more affordable public college in my state of residence. Otherwise, this blog would be something like Extremely and Utterly Broke Grad Student.
I find it a little surprising that Iowa has the highest student debt average at $26,208. I would have expected a state with a higher cost of living, like New York, to top the list. I’m guessing it has something to do with the state of Iowa not having enough funds to provide sufficient financial aid to students at community colleges and public universities.
On the other hand, it comes as no surprise that Utah has the lowest student debt average at $13,266. In case you didn’t know, Utah is filled Mormons, and guess what? Mormons don’t drink. Just think of all the money they save by not buying booze every weekend (which, in college, also includes Thursdays and occasionally, all of the other weekdays too). Just kidding.
The infographic also lists the most expensive colleges based on total cost (tuition + room and board) for the 2008-2009 school year. Here are the 25 most expensive colleges in 2008-2009:
1. Sarah Lawrence College | $53,166
2. George Washington University | $50,312
3. New York University | $50,182
4. Georgetown University | $49,689
5. Connecticut College | $49,385
6. Bates College | $49,350
7. Johns Hopkins University | $49,278
8. Skidmore College | $49,266
9. Scripps College | $49,236
10. Middlebury College | $49,210
11. Carnegie Mellon University | $49,200
12. Boston College | $49,020
13. Wesleyan University | $49,000
14. Colgate University | $48,900
15. Claremont McKenna College | $48,755
16. Vassar College | $48,675
17. Haverford College | $48,625
18. University of Chicago | $48,588
19. Union College (NY) | $48,552
20. Colby College | $48,520
21. Mount Holyoke College | $48,500
22. Tufts University | $48,470
23. Bard College at Simon’s Rock | $48,460
24. Franklin & Marshall College | $48,450
25. Bard College | $48,438
None of the colleges I’ve attended made the list. However, I did get accepted into one of the colleges on the list, but maybe that’s why I didn’t end up going there.
Iowa's high student loan debt burden may also be a result of the state having many private colleges. The good news is that the state's top private college--Grinnell Colllege--is now guaranteeing that students will not graduate with more than $8,000 total debt, even though the annual comprehensive fee (tuition, room, board, fees) is nearly $44,000. (Full disclosure: I'm a 1997 graduate of the college.)
Could you cite your source on Iowa not having enough financial aid relative to other states? I couldn't find any evidence of that online. Thanks!
One other clarification question: Does the map show the debt levels of students graduating from colleges in each state, or the debt levels of residents of the state at the time they graduate from college? (e.g., does the Iowa debt level include California residents who graduated from the University of Iowa, or does it include Iowa residents who graduated from Middlebury College in Vermont? Where is the Californians' debt counted on this map--in Iowa or California?) I ask because many of Iowa's young people tend to leave the state, and if they did so for college, that means they would be paying higher (out of state or private) tuition elsewhere, and returning home with a lot of debt. Similarly, many people from out of state attend college in Iowa.
@Leslie M-B
I haven't been able to find exact numbers, but here's a news story from 2007 about the student debt situation in Iowa. They placed the blame on "inadequate need-based grant aid at both the community colleges and public universities, high tuition at the community colleges, and excessive use of private loans offered by a state-affiliated nonprofit."
Having grown up in Utah elementary through High School later moving to Denver for college, I see why Utah has such low student loan debt. Utah being predominantly Mormon, many young people do not want to leave the state where they would then be considered a religious minority thus many opt to attend an in state school where tuition is significantly lower than other resident instate tuition outside of Utah. Tuition for University of Utah is around $4k a semester. Also, high schools educate graduating students only about in-state school options for continuing education to college along with telling prospective students to take out student loans only as a very last option and instead opt to attend a school that offers a better financial package even if it is not well ranked.
Email
Print
