Student debt has become largely something that is accepted in our society. The availability of student loans--as well as the ease of obtaining credit for everyday expenses--has actually made college more accessible for more people. However, the rising cost of college has, at the same time, ensured that the debt burden associated with a higher education is also higher. Taking out student loans and wisely using credit cards can help students get through college. It is important to only take out what is needed and to work out a plan for paying the money back as soon as possible.
According to Nellie Mae, the average amount of credit card debt held by college graduates is $2,700 (May 2005). USA Today (February 2006) reports that the average college graduate owes about $19,000 in student loan debt. The total average debt, then, for college graduates is about $21,700. Student debt is rapidly becoming a fact of life.
Student Counseling and Personnel Services
Taylor II, George and Browning, Adrianne, "College Debt [brochure and video]" (2010). Counseling Concepts and Applications for Student Affairs Professionals (CNS 577). Paper 1.