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Although stories about six-figure student loan debt make for eye-catching headlines, the reality for most students is quite different. The average bachelor’s degree graduate of a private college in New York borrows a total of $32,659 to fund their four-year degree. That’s not much more than their counterparts at SUNY who borrow an average of $27,404 for their degree1. It’s also nearly exactly the same as the average new car loan in the U.S., $32,187. Unlike a new car that begins to depreciate as soon as it’s driven off the lot, a college degree is an investment that pays dividends for a lifetime.  

 

1Source: The Institute for College Access & Success, four-year institutions, bachelor’s degree recipients, federal and private loans, 2018-19

2Source: Experian, https://www.experian.com/blogs/ask-experian/research/auto-loan-debt-study/