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<p>It&#8217;s not surprising that private colleges cost more. A quick look at the average costs of college via <a href="https://bigfuture.collegeboard.org/pay-for-college/college-costs/college-costs-faqs" target="_blank">College Board</a> will show you that the average sticker price for private college tuition is $32,410 whereas the average sticker price for an in-state student at a state college is $9,410. That might seem like a big difference, but we&#8217;re often told that one of the benefits of private colleges is the large amount of student aid that they provide which often offsets some of that disparity.</p><p>In August, LendEDU released <a href="https://lendedu.com/blog/student-loan-debt-statistics-by-state-by-school" target="_blank">a report</a> that looked at the student debt load by state and by school. In the report, we analyzed the student loan and financial aid information of over 1,300 colleges across the country and calculated the average amount of debt per graduate. We also calculated separately the amount of private student loan debt that each borrower had.</p><p>The results were eye opening. We found that the average college student had $28,080.43 in private student loans. But once you break that figure down, it showed that those who went to private colleges actually had $34,528 in private loan debt while the average borrower from a public college had just $24,084.88 in student debt. That&#8217;s a big different - $10,443.12 to be exact.</p><p><strong>Schools with the Most Indebted Grads</strong></p><p>So, you might be wondering which schools leave grads with the highest amounts of student loan debt. <a href="https://lendedu.com/blog/private-student-debt-data-analysis" target="_blank">The report included a roundup</a> of the top 25 schools.</p><p>Quinnipiac University and the New School for Public Engagement both had average debts above $60,000. After that, schools like Alvernia University, Franklin College, Boston University, Rose-Hulman Institute of Technology, the Ringling College of Art and Design, Sacred Heart University, and The Culinary Institute of America rounded up the top 10 and all had graduates with average debt loads over $50,000.</p><p>These calculations were all based on the latest Peterson&#8217;s financial aid data.</p><p><strong>What Does This Mean About Private Colleges?</strong></p><p>While it&#8217;s not surprising that private colleges are more expensive and lead to more student loan debt, it is surprising how much more private student loan debt private college grads have. An extra $10,443.12 is not an insignificant amount and could take years longer to repay.</p><p>What&#8217;s worse is the large amounts of private student loan debt at the top 25 colleges.</p><p>What&#8217;s interesting about the top 10 schools is that aside from Boston University and the New School for Public Engagement, most of the colleges are not as well known. That likely contributes to higher costs for students since they are less likely to have hefty endowments and therefore have less financial aid to provide to their students.</p><p><strong>Should You Go to a Private College?</strong></p><p>Given these findings, does this mean that you should not go to a private college? Absolutely not. The cost of private colleges vary by school and your family&#8217;s economic situation. Depending on your family&#8217;s financial situation, you might be able to go to one of these schools and graduate with significantly less student loan debt. You might also be able to go to certain private colleges and graduate with far less student loan debt than you would if you had gone to an in-state public school as some schools are extremely generous with their financial aid. For example, most Ivy League schools are notorious for giving out significant amounts of student assistance so that even with their high sticker prices, it can be cheaper for students to attend an Ivy League college than a local in-state school &#8211; especially if they are from a low income family.</p><p>But these numbers should give potential students and their families pause. While a great education is priceless, there are a number of schools where you could get one without graduating with such a significant amount of student loan debt. For this reason, it&#8217;s important to carefully consider your college choice to ensure that you don&#8217;t end up taking on more debt than you&#8217;re able to pay off. The last thing you want to do is make a choice that sentences you to a lifetime of expensive student loan payments.</p><style>
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<div class="metaInfo"><bylineMeta><p>By David Rathmanner</p><p>LendEDU</p></bylineMeta></div>

Private colleges lead to more private student debt, according to new study