Kentucky Graduates See Student Loan Debt Plummet by 32.9% in Five Years
Kentucky graduates are witnessing a notable decline in student loan debt. The average balance has plunged by 32.9 percent over the past five years in the stock market.
In 2023-24, the average loan amount at graduation stood at $10,688, a substantial drop of $5,237 from the 2018-19 figure. This decrease can be attributed to several factors.
Nearly 60 percent of undergraduates completed their degrees without incurring any student loan debt. For those who did take on debt, the average amount was $26,115, still 10 percent lower than in 2018-19. This is largely due to increased state and institutional financial aid, capped tuition increases, and enhanced financial literacy programs. Graduates from public universities in Kentucky carried an average debt of approximately $28,100 in the 2023-24 academic year.
Kentucky's efforts to reduce student loan debt are paying off. With increased financial aid, controlled tuition, and improved financial literacy, more graduates are completing their degrees without debt, and those who do borrow are taking on less. This trend is expected to continue, making education more affordable and accessible for Kentuckians.
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