Macalester Student Loan Debt Lowest in State and Below National Average
Macalester graduates have the lowest average student loan debt among graduates of any Minnesota college, public or private, according to a recent analysis by the Project on Student Debt, produced by the nonprofit Institute for College Access & Success in Berkeley, Calif.
“Macalester has a rich tradition of supporting all admitted students, regardless of their family’s ability to pay our tuition,” said Brian Rosenberg, president. “The relatively low debt burden our students have upon graduation is a reflection of this commitment.”
The Project for Student Debt uses data provided by public and private four-year institutions.
With an average debt of $17,304, Macalester’s student loan debt for students who graduated in 2008 is below all other public and private colleges in the state. For 2008 graduates, the average debt at public colleges ranged from $26,565 at the University of Minnesota-Crookston to $18,003 at Southwestern Minnesota State College. Among private colleges, it ranged from $46,000 at the College of Visual Arts to, $25,273 at St. Olaf College, to $20,083 at Carleton College, and a low of $17,304 at Macalester. Macalester’s average debt is also lower than the national average of $23,200.
“Thanks to the generosity of our alumni and donors, Macalester is able to offer more grant and scholarship-based financial aid than many other colleges,” Rosenberg explained. “We simply couldn’t do it without philanthropy.”
To read the report, go to: http://projectonstudentdebt.org/