huch debt will you be in after college with a student loan

How Much Debt Will I Be In After College?

Interesting Fact – An undergraduate degree at a public school in the USA can cost as little as $26,500 while the base cost for higher education programs for a degree can cost as much as $99,500 at public universities.

The USA Seal on Certificates Can Benefit You While Costing Higher For Education

Studying in the USA is a dream for the majority of students worldwide, and this choice comes with many perks. These benefits include merit, recognition, and accreditation that hold an extra weight because of a USA college stamp on certificates. 

That being said, studying in the USA, is an expensive choice, especially for middle-class American and international students. It is estimated that on average, any university in the USA charges $99,500 for a bachelor’s degree certificate. This average increases for specialization courses such as law, cosmetology, and medical degrees. Continue reading to know answers such as how much studying in the USA cost, which colleges offer the best scholarship programs, how students can get financing for higher studies, and a comparison between the costs of studying at Harvard, Stanford, and other institutes. 

How Much Debt Will I Be In After College?

Based on the academic years of 2021-2022, it is estimated that an undergraduate degree in a public university such as California State University, San Bernardino, can cost as less as $35,586/year while a graduate degree can cost $32,268/year. Studying in a private university without financial aid can cost a lot more than a graduate degree. For instance, studying at the Massachusetts Institute of Engineering can cost $79,850/per year, with other private institutes costing as much or more.

An infographics showing the top USA universities and how much they cost to attend

Public Universities Versus Private Universities

The main reason tuition for public universities in the USA cost less than private institutes is that the state funds public universities, at least partially, which gives them the power to offer cheaper tuition, books, housing, food, and other facilities. The campus and the various facilities offered by public institutes include extracurricular activities for students who are interested in pursuing sports, arts, and theater. Public universities are academically diverse with many majors being offered to both American and international students. Public universities tend to have larger classrooms and also offer diversity among the student population. 

Public universities have two forms of fee structures, one for in-state candidates which is lower than that for out-of-state candidates. For instance, studying history as a major would cost in-state candidates an average of $10,817/per year for tuition alone, while the average cost for studying history would cost $19,803/per year for tuition alone. 

Private universities tend to offer one price for all students’ fee structure even if you are an international student. The only exceptions to this rule are if students are eligible for the part and full scholarships, subsidized education through financial aid, and federal loans at a minimal interest rate.

How Much Does It Cost To Study Law in the USA?

With a few exceptions, the majority of the law degree courses in the USA take three years to complete. On average, as per the 2021 and 2022 academic estimated cost, law school tuition can cost $84,559 at the majority of the state-run public universities. This cost is valid for in-state students, however, students that choose to attend private universities to study law may pay as much as $147,936 for tuition fees alone. 

Additional Costs of Studying in the USA

Studying in the USA may cost you an extra $50,000 to $70,000 per year if you need accommodation, and if you eat out twice a week or more. This is especially true for international students that travel from across the world to study at good universities in the USA. Living within the campus, in hostels meant for students, in co-living spaces with friends, cooking food at home by yourself, and riding a cycle instead of a motorized vehicle are a few ways to keep additional costs to a minimum. 

Financial Aid for Students Studying at The Top Universities in the USA

Students that wish to apply to the top universities in the USA can apply for financial aid provided they are permanent residents of the country. To apply for federal financial aid students, have to fill out a form to know their eligibility. This is known as the Free Application for Federal Student Aid (FAFSA) and the form is available on the USA Gov website.

Students can also get access to affordable student loans through the Student Aid Gov website. The four kinds of student loans offered to students by the Federal Government of the USA are as follows:

Direct Subsidized Loans for Undergrads – students who need financial aid to cover the cost of studying at elite and/or higher-costing institutes can apply for these loans. Students are needed to prove that they cannot cover the costs of the education programs by themselves and need a loan to complete their education. 

Direct Unsubsidized Loans for All Students

Students at all levels can apply for these loans and do not need to prove their financial dependability to be eligible. The student levels are undergraduate, graduate, and professional students.

Direct plus Loans for Graduates and Above

Both graduate and professional course students are eligible to apply for these loans if they or their families cannot get financial aid of any other kind from the government. The main criteria for this type of student loan is a credit check, not the financial requirement of the student, not the ability to prove a need for financial aid. 

Direct Consolidation Loan for All Students

All students of all levels are eligible to consolidate their multiple federal loans into a single federal loan for easy repayment with lower interest fees when applicable. 

How Much Can I Earn After I Graduate Successfully?

The Median Yearly Earnings for fresh graduates that work on a full-time basis can range based on the skillset and position they are employed in. However, the average earnings for graduates from the age of 25 to 35 years as per the trends seen in recent history are as follows:

  • An Unrecognized University – Up to $40,000/year
  • An Associate’s Degree from A Recognized College – Up to $45,000/year
  • A Bachelor’s Degree from Any University – Up to $60,000/year
  • A Master’s Degree from Any University – Up to $70,000/year

How Long Will It Take Me To Pay Off Student Loans and Education Debts?

The interest rate for federal student loans for the years 22-23 is 4.99% per school year. The interest rate for students that have graduated is 6.54% for unsubsidized loans, while the interest rate for students with PLUS loans is 7.75%, this is on a per-year basis after graduating. On average students who have taken a federal student loan option to complete their master’s degrees in any chosen university have to pay $550to $600 per month to clear the student debt.

Typically, it takes between 10 to 30 years to fully pay off student loans. The main factor to consider here is the duration of the loan and the amount you are paying off every month. Most deferral loan plans offer a 10-year duration to students, but the majority of students tend to take a few more years to be debt free. This can be anywhere between 10 – 20 years under the standard repayment module to finish paying a graduate degree loan.

Scroll to Top