College graduates need a plan to pay back any money they chose to borrow. Let's see how much that is, on average.

Answer: $37,090

*Note that 2024 is only for the first two quarters of the year

Questions:

• What factors would a person have to consider when deciding if it's worth it to graduate with tens of thousands of dollars in debt?
• Explain the relationship between the middle column (debt at graduation per student) and the right column (debt at graduation in May 2024 dollars).
• Are you concerned about student loan debt? Explain why or why not.
• What can a person do to minimize their debt when they graduate?
  
  

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Education Data Initiative):

"Currently, student loan debt at graduation is an estimated $37,090. Despite the rising cost of tuition, graduates who have been out of school for years often owe more than new graduates due to interest rates.

• The average total student loan debt-to-income ratio (DTI) for a new graduate is 61%.
• After adjusting for inflation, the Class of 2020 graduated with the highest amount of debt, with an average balance of $37,980 in May 2024 dollars.
• Before adjusting for inflation, the average student loan debt at graduation has increased 108% since 2007; after adjusting for inflation, the average debt increased 39%."

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About the Author

Dave Martin

Dave joins NGPF with 15 years of teaching experience in math and computer science. After joining the New York City Teaching Fellows program and earning a Master's degree in Education from Pace University, his teaching career has taken him to New York, New Jersey and a summer in the north of Ghana. Dave firmly believes that financial literacy is vital to creating well-rounded students that are prepared for a complex and highly competitive world. During what free time two young daughters will allow, Dave enjoys video games, Dungeons & Dragons, cooking, gardening, and taking naps.

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