The average student debt for public universities is around $20,000 and $28,000 for private universities. Shocking. Not surprisingly, dependent students that rely on their parent’s income are borrowing about $2,000 less in loans than those students who are independent from their parents. However, all this debt does not just come from student loans. Tack on 84% of college campuses have credit card debt.
The government’s student loan program contributes to the student debt epidemic with more and more students need this type of help. By graduation the average senior has $4,100 in credit card debt. Student loans and the increase in debt can also be attributed to the influx of fixed interest rates over the years. Online education, however, can be a solution to avoiding substantial amounts of debt.