New York College Graduates Face Varying Debt Loads, With Median Federal Loans Ranging from $5,500 to Over $30,000
An analysis of data from the U.S. Department of Education’s College Scorecard reveals a wide range in median federal student loan debt for graduates of New York colleges and universities, spanning from $5,500 to more than $30,000. This data specifically focuses on federal loans and excludes private student loans, Parent PLUS loans, and assistance for out-of-state schools. Graduates' typical monthly loan payments in New York State vary from $63 to $381, calculated over 10 years at a 6.52% interest rate. The U.S. Merchant Marine Academy in Kings Point reported the lowest median total debt at $5,500, benefiting from tuition-free education and free housing. Conversely, Metropolitan College of New York graduates face the highest median total debt at $33,538, followed closely by Berkeley College at $32,500.
