The media often cite cases of a new college graduate with over $100,000 in school debts. As a result, many assume that most new diplomas carry an equal burden. They do not.
Consider the facts:
- The average college debt for students graduating from American colleges is about $20,000
- The debt of the average OVU graduate is just over $14,000
- The average debt for a public college graduate is $17,700 versus $22,380 for a private college grad
- Over one-fourth of the students in private colleges graduate with no debt
- Some 38% of public college graduates get diplomas and have no debt
Where do the high numbers come from? Consider the facts:
- 80% of the students who graduate from for-profit schools have over $20,000 in debt**
- The median debt for students from for-profit schools is $32,650
Are there rare cases of high amounts of college debt? Yes. Are they typical? No.
What should you do? Two things:
- Consider the investment value of a college education, because the additional income earned by a college graduate generally offers a good return on a modest debt
- Call a financial aid officer at Ohio Valley University to discuss the real costs of a college education
Don’t believe the myths!
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*Want to know more? See the Council of Independent Colleges fact sheet “Student Debt: Myths and Facts” at 222.cic.edu/MakingTheCase/StudentDebt.
**American colleges and universities are divided into three types: public (supported by tax dollars); private (such as OVU which are non-profits and receive no state funds); and for-profits (operated as a business without public funds).