So You Wanna Go To College
So you wanna go to college…
With bright eyes, big dreams and ideas, only to discover that you were trapped by mountains of paperwork and now a slave to a financial system.
ChatGPT’s answer to: Whats the average u.s. college debt:
As of recent data, the average college debt in the U.S. can vary based on the source and the type of institution attended. However, here are some general figures to give you an idea:
1. Average Student Loan Debt for Graduates
Overall Average: For the Class of 2022, the average student loan debt for bachelor’s degree recipients was approximately $29,000 to $30,000. This figure represents the total amount borrowed by students who graduated with a bachelor’s degree.
2. Types of Institutions
Public Universities: Graduates from public four-year universities typically have lower average debt compared to private institutions. Average debt for public university graduates is often in the range of $25,000 to $27,000.
Private Universities: Graduates from private nonprofit universities tend to have higher average debt, often ranging from $35,000 to $40,000 or more.
3. Graduate and Professional Degrees
Master’s Degrees: Average debt for master’s degree holders varies but is generally higher than for bachelor’s degree holders, often ranging from $30,000 to $60,000, depending on the field of study and institution.
Professional Degrees: For professional degrees (e.g., law, medicine), debt levels can be significantly higher. For example, medical school graduates may have an average debt of $200,000 or more.
4. Total Outstanding Student Loan Debt
Aggregate Debt: As of early 2024, the total outstanding student loan debt in the U.S. exceeds $1.7 trillion. This figure includes loans from federal and private sources across all levels of education.
5. Debt-to-Income Ratios
Repayment Challenges: The ability to manage student loan debt can depend on income levels and job prospects. For many graduates, the debt-to-income ratio is a critical factor in assessing the financial burden.
These figures provide a snapshot, but actual debt levels can vary widely depending on individual circumstances, including the type of degree, the cost of the institution, and the availability of financial aid.