Thursday, May 24, 2012

The Student Loan Mill

It is illegal for 18-year-olds to drink alcohol. But it is not illegal for them to borrow thousands of dollars to pay for college. Here are the percentages of freshmen at four-year institutions who personally signed on the dotted line in 2009-10, and the average amount they already owe with three more years to go...

All institutions: 58.7% ($7,213)
Public institutions: 50.0% ($6,063)
Private, non-profit: 63.0% ($7,466)
Private, for profit: 86.1% ($9,641)

Source: National Center for Education Statistics, The Condition of Education

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