Graduates of the University have some of the lowest student debt loads in the nation, according to a report released by the Institute for College Access and Success. The average debt of graduates from the Class of 2012 was $5,096.
This amount is less than one-fifth of the average student debt nationwide, which is $29,400 among students who have debt. The report states that seven out of 10 college seniors nationwide graduated with student loan debt last year.
The University made the report’s short list of 20 colleges and universities with notably low-debt loads. Columbia College was the only other Ivy League institution to make the list, which includes eight public schools.
According to the report, 24 percent of the University’s Class of 2012 had debt. Only 12 percent of the student body received Pell Grants, a federal aid program for students from low-income families, in the 2011-12 academic year.
As a state, New Jersey had the eighth-highest average student debt, with 2012 graduates owing an average amount of $29,287.