Fifty-four percent of young American adults who went to college took on some kind of debt — including student loans — to fund their education, according to the Federal Reserve. The average amount of educational debt in 2018 was between $20,000 and $24,999, with the typical monthly payment ranging from $200 to $299.
Meanwhile, the cost of college continues to rise. The average tuition and fees for the 2018-2019 academic year ranged from $10,230 for a public four-year in-state school to $35,830 for a private nonprofit four-year school, according to College Board. It’s no surprise, then, that students are seeking school loans to pay for their education. However, Generation Z might be reversing the trend by looking for other ways to pay for college, according to this survey.