<p>Oh come on thinkjose1, you dont think it would be that easy to just post some stats from USnews to make me eat my words. The average amount of of debt USNEWS suggest is heavily skewed. This is from the horse's mouth: UPENN's actually undegradute financial aid site. </p>
<p>Out of the 985 students admitted to UPenn in 2004, 406 students whose parents family income was over $90,000 received less than $18,803 in financial aid awards. Yes awards, not completey free cash! we are taking a combination of work-study, loans, and some grants(free cash). Of those considered in this bracket only 63% received aid. On the flipside, one would have to have a combined family income of less than $19,999 to receive about $36,344 in financial aid awards. With an extremely conservative budget set at $42,100 for the academic year. It would cost for the 406 highest bracket quackers $23,297per year out of pocket cash split due at the beginning of each semester on top of the loan portion of the $18,803 awards that the student will pay later. The lowest bracket quakers would have to pay $5756 out of pocket and pay the rest of the loan portion of the $36,344 in financial awards upon graduation. So the richest students would have to pay at least $93,188 upon graduation in cash including whatever they took in loans to be paid later on. While the pooerest students would have to pay $23,024 in cash with rest they took in loans to be paid later on. So where does this leave us? Well the richest students are capable of their parents paying for their entire tuition while the poorest get most of their tuition paid by grants. This leaves the 510 middle class shlubs stuck with the tab. Based on your parents EFC, UPenn will substract that from your tuition. Parents who cant pay what is expected of them are forced to take out private loans such as your good old fashion home equity loan which dont show up on a students record because most high school students clearly dont have the credit to get their own private loans. So lets say a parent must take out just $6,000 a year to cover their costs. That leaves $24,000 for 4 years x 510 students = $12,240,000 not accounted for in the USNEWS data. Therefore it is easily conceivable how one can get average student indebtness being only $19,579 when this is taken to account. The facts are the facts UPenn tuition is $30,00 while Rutgers is only $8,000 and as most students at Rutgers are from new jersey most get Tuition Aid Grants which covet a nice chunk of the expense.</p>