Monday, August 23rd, 2010...11:02 am
Ten Universities with the Highest Student Debt
by Lisa RauLast week, Gawker ran an article citing the top ten traditional universities that have the highest student debt. The data was pulled by a recent study by the Department of Education, which actually revealed that the top three institutions with highest student debt are actually for-profit schools, which are often criticized for not leading to lucrative-enough careers. Controversial legislation has even been passed regarding this issue.
What's a for-profit college? Think DeVry and University of Pheonix. These schools offer a range of degrees (think X-ray technician certifications to master's degrees) and are run by private, profit-seeking companies or groups, which makes them an easy target for public criticism.
However, this list focused on the traditional institutions that rack up the most student debt, as a large part of the U.S.'s college-going culture seeks admission to these revered schools. It's important to note that these prestigious universities, also, do not leave students' wallets unscathed. Here's the list, via Gawker:
1) New York University: $659 million
2) University of Southern California: $631 million
3) Penn State University: $590 million
4) Ohio State University: $560 million
5) University of Minnesota: $495 million
6) Arizona State University: $479 million
7) University of Texas: $474 million
8) Michigan State University: $433 million
9) Indiana University– Purdue University: $421 million
10) Rutgers: $398 million
It all comes down to the same basic question in the end. What's an education worth?
In America, the answer to that question often comes in the forms of decades-long repayment plans to student loan agencies. Fortunately, more and more programs that aim to educate students about student debt are beginning to sprout up. Check out the student loan resources we've cited in recent articles about student debt.
For now, all we can do is educate and spread the word about managing student debt, since higher education isn't free. If it was, for-profit schools wouldn't even have a chance.
