Alien news desk student debt5/17/2023 The average grant for the Class of 2022 was $53,100, and that covered 100% of the students’ tuition. Harvard students borrowed $13,372, and Yale students borrowed $14,575.Īt Princeton in particular, Brown explained, “if you demonstrate like an extreme financial need, and saying otherwise I won’t be able to attend the school, Princeton will almost always meet like 100% of your demonstrated financial need, so that you don’t need to take on student loan debt.”Īccording to Princeton’s website, approximately 60% of undergrads receive financial aid. Students attending Princeton, for instance, only borrowed $9,059 in loans. He pointed out that the Ivy League schools performed “exceptionally well” on the student debt issue. (Photo: REUTERS/Eduardo Munoz) Ivy Leagues leading by exampleīrown noted that it wasn’t the well-known schools that were contributing to the high cost of college. People walk around the Princeton University campus in New Jersey in 2013. The headache graduates face when repaying these loans is evident through some sobering statistics.Ī recent New York Fed report stated that outstanding student loans totaled $1.48 trillion as of the second quarter of this year, and student loans have now become a large portion of loans that are turning severely derogatory - at 35%. Student loans are supposed to be used for living expenses, like meals, and room and board and books, and anything else that a student needs.” the cost of living applies to students as well. “The cost of living is more expensive than most other parts of the country. “Generally, everything's just more expensive in the New England, Northeast area,” Brown explained. The report found that borrowers from Connecticut in particular held the most debt, at $38,776 on average, followed by New Hampshire ($36,754) and Rhode Island ($36,121). The Wild West of college tuition appeared to be in the Northeast, according to the study. Student loans are flowing more rapidly into the "severely derogatory" category according to an analysis by the New York Fed.
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