Sept. 1, 2016
FOR IMMEDIATE RELEASE
Contact: Jay Thompson
Cal Poly Grads’ Student Debt Among the Nation’s Lowest, According to LendEDU Survey
SAN LUIS OBISPO — Cal Poly graduates who finance their education with student loans enter the workforce owning an average of less than $22,000 — among the lowest debt compared to peers across the nation, a new survey reports.
Cal Poly ranked 144 out of 1,300 public and private colleges and universities in the nation — and 70th among public schools in the U.S. — in the lowest student loan debt per borrower in the survey from LendEDU.
This is not surprising, since California students on average borrow much less than college students across the country. With lower rankings indicating less debt, California ranked 47th out of 49 states and the District of Columbia for the amount of debt per student borrower in the class of 2015, according to the survey. Delaware was not ranked because of insufficient data.
The data was analyzed by LendEDU, an online marketplace for student loans and student loan refinancing. The company licensed the most recent financial aid data from Peterson’s, which is known for its college guidebooks and is considered the benchmark for education reference databases. Peterson’s released data on the class of 2015 in early August.
According to LendEDU’s survey, two in five Cal Poly students (43 percent) who graduated in 2015 borrowed to complete their degrees. This is below the statewide average of 55 percent of graduates with debt.
Cal Poly’s average student debt of $21,678 ranked 23rd in the Golden State among public colleges and universities — which include the 23-campus California State University system, with nearly a half-millions students, and the University of California, with 10 schools and more than 238,000 students.
Cal Poly’s average student debt is $5,200 less than the national average ($26,872) of students attending public universities and nearly $15,200 below the average for student borrowers in Connecticut, which had the highest level of debt in the country, the survey said.
LendEDU’s survey only analyzed data from students who took out loans and graduated with bachelor’s degrees — not all students attending universities in the U.S.
School averages for student debt at graduation in 2015 ranged from $3,000 to $86,262. State averages for student debt in 2015 varied from a low of $18,772 per borrower in Utah, to a high of $36,864 per borrower in Connecticut.
Rankings by State (Interactive Map):
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