The average amount of student loan debt again crept up for the Class of 2013, and is approaching $30,000, according to a new report from the Institute for College Access and Success.
Determining the average amount of student debt at individual colleges is more complicated, the researchers write, because many colleges don't report their average debt figures – and they're not required to. In all, just 57 percent of the nearly 2,000 public and nonprofit four-year colleges that awarded bachelor's degrees in 2013 reported figures for average debt and the percent of graduates with debt. For-profit colleges are not included in the calculations because so few report those figures.
The researchers also note that student debt figures may be misleading because colleges may not account for private loans students take out that the school is unaware of. Nationally, nearly 20 percent of all graduating seniors' debt came from private student loans.
Describing the average student debt at individual colleges can also be misleading. While more expensive colleges tend to have higher levels of debt, that's not always the case. At some expensive colleges, the net price for low- and middle-income students is lower than many public colleges due to generous financial aid packages. On the other hand, some colleges might have lower average debt levels because they enroll fewer students with the financial need to take out loans.
Overall, 129 colleges reported average debt loads of more than $35,000 and 49 reported that more than 90 percent of their graduates left with debt. Still, because many colleges do not report average debt and percent of graduates with debt, the TICAS report does not rank colleges based on debt, but rather categorizes several schools into "high-debt" and "low-debt" categories, organized alphabetically.
The 20 high-debt public colleges had average debt levels ranging from $33,950 to $48,850, while the 20 high-debt nonprofit colleges ranged from $41,750 to $71,350. Of the 20 low-debt colleges listed, nine were public and 11 were nonprofit schools, with reported average debt levels ranging between $2,250 and $11,200.