Answer (from Project on Student Debt): $30,100 for 2015 graduates (68% of grads had student debt)

Hat tip to Lauren Asher of TICAS for sharing this information about their recent study. Wondering how students in your state compare to this national average? Go to this interactive map which has information on over 1,000 colleges:

Questions:

• Do either of the numbers surprise you: the $30,100 in debt or the 68% who graduate with debt? Why do they surprise you?
• How does your state compare to the national average?
• Given that the average new car loan is also about $30,000, would you think of the student debt differently from a car loan? Describe how you think they are different.
• Using this student loan calculator, what would be the monthly payment if you chose a standard repayment plan over 10 years and assumed current interest rate of 3.76%? Does this seem high or low to you?
• How concerned are you about student debt? Why?

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Check out this engaging interactive from the NGPF Interactive Library: How Much Will Your College Actually Cost?

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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