I Got 22 On It
I Got 22 On It
The money students can raise from traditional sources often isn't not enough
For many students, a traditional student loan package doesn't quite cover all their expenses. They may have their tuition covered but still struggle to pay for books or meals. Or they may not be eligible for enough financial aid to cover their dream school.
College can be expensive
According to Department of Education statistics, after adjusting for inflation, the average cost (tuition, fees, room and board) for a full-time undergraduate student at a four-year college in the U.S. in 1985-86 was $12,052 ($5,504 in 1985-86's dollars). In 2015-16, the cost was $26,120. That can be a lot to come up with, especially for students who may not have much financial support at home.
Graduating from college often means high student debt
Almost 40% of adults under the age of 30 are currently carrying some amount of student loan debt, with the amount of debt for the median borrower in 2016 coming in at around $17,000. That's a lot of debt to handle when you're just starting out after college graduation.