For current UofM students or alumni, how do/did you pay for college expenses and how much debt does the average student graduate with?
The university website should have information about the average student debt at graduation.
However, that number is meaningless. It does not account for debt that parents take on for their children and that the student may be morally obligated to pay back. Even if there isn’t a family agreement that the child will pay the debt off, the debt can still be influential on the overall family finances for years to come.
What matters is how much debt you can afford to take on. Most parents would recommend that you not accumulate more than the standard federal loans ($5,500 freshman year, $6,500 sophomore year, $7,500 junior year, and $7,500 senior year). For reading on student debt and some handy calculators for determining how long it will take to pay your potential debt off see http://www.finaid.org/
What have your parents told you about how they expect you to pay for your education? Can they help you at all? The simple truth is that nationwide most students study at community colleges and commuting-distance colleges and universities in order to keep their costs down. If you can’t afford to go far away for your education, you will actually be having the real college experience.
You might want to take your questions about paying for college to the experts in the Financial Aid Forum. They will have ideas for you.
Wishing you all the best.
Okay, thank you. I think I’ll move this to the other forum like you suggested.