Bluefield College Students Not Immune to College Loan Debt

National research shows that student loan debt is substantially increasing for college students across the United States, and Bluefield College students are finding they’re not immune to the issue.

According to one source, as of 2017 the average college debt for a student is about $39,000. Total student loan debt nationwide is about $1.4 trillion, which is dispersed to about 44 million borrowers. In fact, studies show that the student loan debt is increasing more than the total credit card or mortgage debt in the United States. It is now ranked the second highest consumer debt.

In a comparison between states, Virginia is ranked 30th in student loan debt. The average Virginia college student has borrowed about $29,000, and the percentage of Virginia college graduates with debt is about 56 percent.

But student loan debt is not just a national or state issue. It’s also an issue for Bluefield College students. According to research, the average student loan debt for BC students in 2017 was about $33,000, and the percentage of BC graduates with debt was about 60 percent.

In fact, a 2017 Bluefield College graduate, who wishes to remain anonymous, has a higher student loan debt than the average BC student. She said she was surprised by how much student load debt she had accumulated and had expected to have less debt than she has, especially considering she took advantage of scholarships and grant opportunities so that she would not have to borrow as much money. The average length for student loan repayment is 10 years, which she believes will be about the same timeframe it will take her to repay her loans.

Many students say they want to avoid college loan debt entirely or limit it as much as possible, but as the amount of student loan debt continues to rise, nationally and locally, students begin to think more about how they will repay their debt once they earn their degree and graduate.