Student Loan Facts

A few facts you may find interesting about student loans:

• Over 60% of all undergraduate students enrolled in college receive some type of financial aide.
• The average amount borrowed by these undergraduate students is almost $6,000.
• 45% of undergraduate students at four year institutions have taken out student loans.
• 73% of students at private universities receive financial aide.
• 56% of students at private universities took out student loans.
• Almost 90% of students at private-for-profit universities receive some sort of financial aide.
• About 50% of all students in community college receive some type of financial aide, although the percentage of student loans in community college is close to 12%.

The bottom line is college is expensive. Even if you or your child is going to save money and go to a community college it is still going to cost you money and you will still have to go to a large university to continue your college education. Getting a student loan is not a bad thing; in fact it is almost essential. If you are a parent and you are going to have one or more child go to college then you are really going to need a student loan. Almost everyone receives some type of student aide; if you aren't lucky enough to get a scholarship then a student loan is the next best option.