By MICHAEL CRIMMINS
Glasgow News 1
The Kentucky Council on Postsecondary Education reports that average student loan balances have decreased over the years.
“This report is good news for Kentucky college students and reflects the tremendous efforts campuses are making to keep higher education accessible and affordable, despite inflationary pressures,” said Dr. Aaron Thompson, council president. “While headlines warn of a national student loan debt crisis, balances among Kentucky students have been falling for a decade, and especially over the last five years.”
Using information in the council’s Undergraduate Student Debt Levels in Kentucky report, the average student loan balance for undergraduates at the Kentucky Community and Technical College System and public universities who finished school with a certificate or degree in 2023-24 was $10,688, which is a decrease of $5,237 since 2018-19.
“[Student loan averages] are calculated in different ways, including and excluding students with no debt, and for different populations [but] the main takeaway is that, on average, student debt levels are falling across public postsecondary sectors and student populations,” the report’s executive summary states.
When students with no debt were excluded from the calculation, the average rose to $26,115, still 10 percent lower than in 2018-19.
Director of Data and Advanced Analytics Chris Ledford at the council said there are numerous factors contributing to the decrease in loan amounts, including rising state and institutional financial aid and an increase in financial literacy.
“The proliferation of institution and state grant aid, as well as the availability of federal financial support through both aid programs and low-rate loans, means that college debt levels have become more manageable for Kentucky students, especially in the last five years,” the report’s conclusion states. “Decreases in student debt levels at graduation, decreased attendance costs at some institutions and increased financial literacy efforts have resulted in a more accessible, affordable system of public postsecondary education in Kentucky. Although more work is needed to boost enrollment among students with low incomes, this study suggests that statewide and campus affordability efforts are making a real difference to Kentucky students and families.”
Comments