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Students, graduates drowning in college loan debt

On April 15, 2013

To empower parents and students during the college planning process, Varsity Tutors, a premier one-on-one academic tutoring and test prep provider, has released an infographic that highlights all the costs of pursuing higher education. Entitled, "The Real Cost of College," the infographic breaks down the average estimated costs for enrollment, sources of financial aid and debt averages for full-time undergraduate students.
 Student debt surpassed credit card debt in the United States for the first time in 2010. In 2012, the average college student left school owing $27,253 in student loans. These are just a few statistics that emphasize how important it is to understand all the expenses of college and identify potential funding opportunities while planning a student's path to higher education.
 "Now more than ever, it's crucial that parents and students are aware of the total cost of a degree," said Varsity Tutors founder and CEO Chuck Cohn. "As the cost of tuition continues to rise, students need to be vigilant about planning ahead and finding the best options for funding their education, not only to attend college in the first place, but also to graduate with an amount of debt they can manage."
 The infographic features key findings from the College Board Annual Survey of Colleges, including these telling statistics:

  • The total annual expense of attending an in-state public four-year institution - tuition and fees, room and board, books and supplies, transportation and other expenses - averages $22,261; while an out-of-state four-year public institution averages $35,312 and a private non-profit college or university averages $43,289 each year;
  • $237 billion in financial aid was given during the 2012-13 school year; the average student received $13,218 in financial aid; and
  • 67 percent of 2009 college graduates are in debt with student loans.

 The infographic also highlights the different types of financial aid available to students, from grants and scholarships to loans and work study programs.
Varsity Tutors is a premier private academic tutoring and test prep provider designed to help students at all levels of education achieve academic excellence. Varsity Tutors delivers in-home, personalized, one-on-one instruction in any subject from STEM to the humanities and customized preparation for all standardized exams, including ISEE, SSAT, SAT, ACT and graduate exams such as the GRE, LSAT, MCAT and GMAT. Students from elementary to graduate school are expertly matched with an exceptional tutor who is best able to address their unique needs and goals. To ensure satisfaction and safety, only the highest caliber tutors are selected to join Varsity Tutors following a rigorous screening process. Varsity Tutors currently serves 19 cities nationwide and offers a variety of tutoring packages. Students and their families interested in learning more about Varsity Tutors should visit www.varsitytutors.com.
View the full infographic


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