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Helping Reduce Student Loan Debt

Credit unions take note of the importance of college and graduating with a minimum amount of debt.

By Candice Reed | Updated on April 15, 2015

About 89 percent of the freshmen class of 2013-2014 received enough aid to cover half of their tuition at private universities, according to a study by the National Association of College and University Business Officers, but that other half can add up to a hefty bill after four years of college.

“The average student loan debt for a U.S. graduate of the Class of 2013 was $28,400, according to the Project on Student Debt,” said Deborah Figart of the School of Education, at The Richard Stockton College of New Jersey. “Each month, young adults are burdened with 25 percent to 30 percent or more of their net pay dedicated to student loan debt.”

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