The highest student loan debt in the U.S. belongs to Connecticut, where young Americans have an average debt of $38,510 based on an analysis of 2017 data.
As tuition fees increase in most parts of the country, students should consider online education courses as a better option to keep their expenses at a minimum. Those who want to pursue graduate education should be aware that the average price of tuition alone cost more than $24,000 in the previous year.
During the 2016-2017 school year, undergraduate students at public schools paid more than $17,000 on tuition and accommodation fees. Private schools entailed a higher cost at more than $44,000. The expensive price of tertiary education even for a public school led some companies to find a cheaper alternative.
Digital courses seemed to be their solution to the rising cost of school fees. Average tuition fees for a short course such as learning a new language may still be unaffordable for many students. AMA University Online explains that knowing that there are some suitable alternatives would help students avoid having a large debt, especially since there is a possibility of defaulting on their payments.
The Urban Institute said that 40% of student loan borrowers might be unable to pay off their loans in the next five years. Surprisingly, those with smaller debt are most likely to default on repayments. At least 32% of Americans with more or less than $5,000 of student loans may miss a payment once within a four-year period.
The usual reason typically involves dropping out of college even before they completed the degree. Some people may have found it difficult to juggle work and school, which is often not a problem with online courses.
The convenience and relative affordability of online learning should be good enough reasons for students to continue their studies. When choosing an online education provider, consider one that offers different courses with an internationally recognized curriculum.