Grads from Ivy League schools pay least in student debt
Students who graduate from elite institutions tend to have lower student debt than those who do not, according to a recent study.
Graduates of schools such as Harvard University and Yale finish their studies with just a quarter of the debt held by their peers from less prestigious schools, The Associated Press reported last week, working from the U.S News & World Report’s ranking of U.S. universities.
In 2012, the average college endowment was around $490 million, and the study found that, in general, students who graduated from elite schools with large endowments had the lowest amount of debt.
Graduates of Princeton University, the number one ranked school, left the college with an average debt of $5,096, which ranked as the lowest amount for any national university.
Princeton’s endowment is $17 billion and the university accepted eight percent of applicants in the 2012-2013 academic year.
Harvard University and Yale University ranked second and third in average debt for their graduates, with students having $15,468, and $16,205 to pay in loans respectively. Both institutions have endowments of $30 billion and $19 billion.
Students from smaller institutions with lower endowments tended to graduate with the highest debt levels.
Wheelock College with an endowment of $43 million, had the highest level of applicants receiving student loans at 82 percent, with each student taking on an average of $49,439 upon graduating.
Close behind was Anna Maria College in Massachusetts, allowing 86 percent of students to take out student loans, with each student graduating with an average of $49,206 in debt.
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