Guys, I did it! I’m finally above average!
im suprised the average is so low. I wonder if thats because there are a bunch who only took out small loans???
Because schools part out your loan to a million different providers. These schools (like the Art Institute, or the University of Advancing Computer Technology) make money off of these tactics and make it a fucken bitch to deal with your loan. There’s an entire legal sector out there that cold calls people who are victims of this strategy.
Source: went to UAT with my brother, before that he went to the Art Institute. We both got these calls, they helped him absolve his AI loan.
It’s really only undergrad that’s usually uber expensive. My wife is getting her master’s for like $10k/year and her company is paying for half of it.
Meanwhile our undergrad was like $40-50k/year with no help.
Also this average is probably averaging current balances, not total disbursement.
Unless your graduate school is medical or law school. I’m taking out around $90k per year for medical school for tuition and living expenses.
I wonder how much of this 1.6 trillion is just interest that the banks charge on the actual loan.
Another good question would be how much of that debt’s interest is being subsidized by the government?
