How much Debt should a College Student Have?

How much Debt should a College Student Have?

To know how much debt should a college student have….Read on this article…!


Student debts occur when the students who don’t have enough money take in student loans to apply for colleges. The banks take in the student’s family details to decide upon giving them a loan, this loan is then repaid by the students after they graduate and start earning. The debt is the amount of money they need to pay back to the bank. Some students even pay them during their time in college by working part-time jobs. There have been discussions regarding forgiving student debt these days.

The average debt a college student has at the time of their graduation is 25,640 USD. Which is roughly 6,410 USD each year for a four-year course. If we are talking in legal terms this is the right amount of debt a college student should be paying at the end. In terms of rationality, these debts should be forgiven since they don’t make any sense and education is an important part of a person’s life having lower-class students pay debts while they are already struggling is inhumane. In most cases going to college will land students a better job at a company with higher pay, but sometimes it can backfire a cause more financial problems for the students and their families. After taking a survey 42 percent of the students appearing in college take in student loans and end up paying student debt for years after they have graduated. The student debt has remained the same over the past 2 decades is around 30,000. Some people speculate that the total student debt accumulated has totalled 1.5 trillion USD. Most students who attend college hope to obtain a degree that will significantly increase their earning power after graduation. Yet for many adults, the majority of that income will have to be used to pay off student loans. This is a heavy burden, especially before one has earned their first professional salary.

Student loans being a burden to the modern society:

After conducting a survey, it was found that students who go to college don’t become homeowners until the age of 34, which is the same as those who don’t attend college. The student debt puts a burden on these students as they pursue to study more in their respective fields and have to pay up to 58,000 USD. This eventually helps them land jobs with higher pay but they also have to pay more than others on their student debts. On average 78 percent of the students have to pay around 30,000 USD but there have been times when it has gone up to 100k USD. This has caused many students to decline to go to colleges and instead work in lower-paying jobs which are causing a shortage of incoming trainees at the higher paying companies.

Student debt is inhumane:

Education is an important part of a person’s life they need it to move on and build their life. Students coming from poor backgrounds get student loans to get into colleges so they can improve their living standards and don’t have to suffer more. Student debt comes in the way of it. Some students need money to improve their living conditions some need it for medical purposes some to pursue their studies, having student debt would force the students to keep paying money that they can use for other necessities. Eighteen percent of the adults who took student loans are behind payment. 30 percent of the people who took loans in 2003-2004 are still paying them to this date. Borrowers who didn’t even complete their degree have it harder to pay off their student debts.

Student debt being forgiven:

There have been talks going on which suggest that the entire student debt will be forgiven. This was in response to when many people raised concerns after the entire student debt calculated was near 15 trillion. This money was then being spent on the military instead of increasing students’ living conditions. President Joe Biden still has to make final decisions, although everyone is hoping for student loans to be cancelled. Currently, only those who are disabled or are public service employees are eligible for discharge of their student debt.

What are the pros and cons of cancelling student debt?


  1. Student loans are anchoring down the economic status of the country cancelling them would benefit everyone in the society as well as the country itself.
  2. Although student loans affect every college student, it affects the black population of the country even more. This is due to them taking in more amount of loans because of lower-income, generational issues regarding their wealth and the colleges they attend.
  3. Student loans have stopped many adults to buy new homes, getting married, and saving for retirement. Cancelling them would allow them to earn these milestones and create a positive environment.


  1. After President Joe Biden’s decision to forgive student loans some people feel that people should be responsible for their economic problems.
  2. This decision would help low-income students, the students coming from wealthy households would be largely benefitted from this.
  3. College costs are increasing every year and forgiving student loans will only be a temporary solution to an even larger problem.


In conclusion the debt for an average college student range between 30000 USD to 100k USD. This might vary due to one’s major they are pursuing, financial circumstances, and choosing to further continue studies.

Frequently asked questions:
  1. How can one take a student loan from the bank?
  • The first step for students is to fill out the FAFSA form (Free Application for Federal Student Aid).
  • Research different financial aids and discuss how much amount of aid is available.
  • Keep your options more open, people should look for private student loans. 
  • In the end, it all depends on what colleges you choose and what degree you may pursue.
  1. Is student loan worth it?

Student loans hold back people from achieving a lot of things in their life although after paying them off, people with higher-paying jobs due to going to college get to live a better life. So, it all depends on how you plan out your career and how you spend the money.