The average students debt studying in the public universities is $20,000 and the debt amount of students pursuing their professional education in private universities is around $28,000. The debt loan of students who are dependent on parents income is $ 4000 and the debt amount of independent students has crossed $6,000 per year.
More than 84% of undergraduates in colleges have a credit card debt and the average credit card debt of senior students in college is $4,100. The loans offered to students by federal government include Perkins, subsidized Stafford, unsubsidized Stafford and parent plus. Of these four loans, three loans can be availed by students.
In the year 2004, amount spent by the students to meet their expenses was $942 and it has gradually increased to $2,200 per year in 2012. Students in present days are incurring a large amount of debts in the form of student loans and every student must make sure that they study hard to get a good job and clear all their under debts.