It is getting harder for a college student to finish college without taking on student loans. In the U.S., nearly 70 percent of bachelor’s degree recipients graduate with debt, and the average borrower takes out an average of $28,950 in loans. The total outstanding student loan debt has risen to $1.2 trillion in 2016, which is the second-highest level of consumer debt.
Missouri has an average of $25,844 debt per student, while the average student debt for MU is slightly lower.
Average student loan debt
Delaware has the highest average student debt amount. Utah ranks lowest with an average student loan debt of $18,921.
Student debt at MU and beyond
The tuition fee and annual total cost for in-state students and out-of-state students keeps increasing. For in-state students, in 2013, tuition was about $23,000, but students enrolling at MU in the fall will pay $27,208.
Compared to the 2008-'09 school year, the growth rate of total federal loans received by undergraduates in the 2009-'10 school year is more than 21 percent, but the rate dropped significantly after that. Since the 2012-'13 school year, the amount decreased.
Growth rate of federal loans
Undergraduate cost for in-state students
Undergraduate cost for out-of-state students
Note: The university typically reports student loan debt by career. The data here just represents undergraduates.
Number of students with debt
The number of undergraduates receiving federal loans peaked in the 2011-'12 school year at 13,170.
Graduation and debt
About 55 percent of students graduated from MU with debt in 2015. In terms of graduation rates, MU is higher than the national average with a rate of 68.7 percent in 2015. The national graduation rate is 58.4 percent.
Years after graduation
Three-year cohort default rates
The U.S. Department of Education worked with Treasury Department data to determine the three-year cohort default rates. MU's performance is better than the national average.
Here are some resources that may help:
Financial aid adviser at MU:
573-882-7506 or 800-225-6075
11 Jesse Hall
Office hours: 8 a.m. - 5 p.m., Monday through Friday
Sources: Student Financial Aid at the University of Missouri at Columbia; The Integrated Postsecondary Education Data System; College Scorecard; and The Institute for College Access & Success