Student Debt: Which state has the highest?

[Sandman]

Not sure if this image has already made the rounds before, but it's the first time I've seen it. Great rep for us.

[alarson]

Yeah. From what i've heard, ISU's tuition is 'comparable among peer institutions', the problem is, the financial aid from scholarships is not up to that same level, so students end up with more average debt at ISU

[HandSanitizer]

Seriously.....ISU needs a Required Freshman Financial course or something. No excuse for this statistic at a State Run school in a place were the cost of living is fairly low.

[SCNCY]

Seriously.....ISU needs a Required Freshman Financial course or something. No excuse for this statistic at a State Run school in a place were the cost of living is fairly low.

I agree, like alarson said our tuition is similar to peer schools around us, if not lower. Yet, we have higher debt. Makes you wonder where students are spending their money. Also makes you wonder what kind of support most people at ISU have from their families.

[cdekovic]

One reason that students from Iowa have high financial aid debt is because Iowans have a history of paying back their loans. Therefore it's easier to loan money.

[4429 mcc]

Iowa Student Loan is a great organization

[cymonat]

I agree, like alarson said our tuition is similar to peer schools around us, if not lower. Yet, we have higher debt. Makes you wonder where students are spending their money. Also makes you wonder what kind of support most people at ISU have from their families.

I'm not buying that argument. It may be an issue, but ISU students are no more careless with their money than students in other states. Here is your problem:

In 2007, the state of Iowa ranked lowest among the Peer-Eleven states where Regent university peer institutions are located in terms of the dollars and percentage of state need-based grant aid awarded to public postsecondary institutions.

• The range of dollars awarded to public postsecondary institutions was $3.4 million in Iowa to $511.8 million in California while the range of percentage of state total awarded to public postsecondary institutions was 6.1% in Iowa to 96.7% in Arizona.
• Nationally, state governments provide $1,000 per capita grant aid. Iowa public universities receive $115 per capita grant aid.
• In Iowa, 93.9% of the $55.5 million state need-based grant aid allocated in 2007 was to private (non-profit and proprietary) colleges and universities.

http://www.regents.iowa.gov/Meetings...208_ITEM13.pdf

[wxman1]

75% of the students I know pay for everything themselves, including myself.

[cymonat]

Might as well throw this out one there too:

Between 1981 and 2009, as appropriations as a percent of Regent university general education funding decreased from 77.4% to 49.5%, tuition increased from 20.8% to 44.9%.

[kingcy]

It may also have be due to the fact that many parents are not in place money wise where they can help out their kids or that the parents think their kids should pay their own way through college. Do many college kids work? I know when i was in college very few people I knew had a job of any sorts during college.

[jaretac]

This probably has to do more with the fact that Iowa has a lot more private colleges than most states. Out here in Washington almost all the colleges are public and there are about 6 or so 4 year public universities.

[cymonat]

It may also have be due to the fact that many parents are not in place money wise where they can help out their kids or that the parents think their kids should pay their own way through college. Do many college kids work? I know when i was in college very few people I knew had a job of any sorts during college.

Both of these are obviously contributing factors, but again, I can't imagine much difference compared to neighboring states or peer universities. In my experience, roughly 70% of my friends and people in my classes had some kind of part time job during school. However, one would think that percentage of students with part time jobs likely varies by major, making my estimate skewed from the start. As for the leading factor, I still would have to point to the dramatic drop in state appropriations for public universities.

Referring back to one of the stats I posted earlier, 93.9% of state need-based grant aid was to private colleges and universities. Total enrollment for private colleges in Iowa is about 44,000, while total enrollment in public is about 70,000.

If I'm reading it correctly, that means students in private universities, about 39% of all college students in Iowa, receive 93.9% of state need-based grant aid. The remaining 6.1% is spread out among the public university students who make up 61% of the students.

Now to compare to our peer group universities in other states. The average percentage of state need-based grant aid available to public universities in ISU's peer group is a little over 60%, while ISU gets only 6%. Why the huge difference? I'm sure there must be a good reason. Maybe because of the large number of private colleges and large number of students attending those private colleges as jaretac mentioned earlier?

[ISUcy08]

I know for a fact, as do most of you, I'm sure, that many students from ISU get extra money out for spring break. I didn't, but know a lot of people that did. Not smart.

[ISUcy08]

75% of the students I know pay for everything themselves, including myself.

I did also. Paid for everything.

[cstrunk]

I have higher debt than this because I had very little money coming in to college, my parents are unable to help, and I'm not a 4.0 genius. I've had to work part-time throughout most of my college career.

Yes, I could have cut more corners here and there and saved a little bit of money, but I chose to live a little bit better and take out more loans.

Now as long as I can find a job and this economy finally turns around...