Recent WU graduates’ debt less than in past years - Student Life

Recent WU graduates’ debt less than in past years

Bucking a national trend, graduates from Washington University’s class of 2011 are in less debt than those graduating in the years right before them, according to the most recent figures from Student Financial Services.

Students who graduated last year owed an average of $19,265, down from $22,042 in 2007, said Bill Witbrodt, director of Student Financial Services. Meanwhile, the national debt average for 2010 graduates was $25,250, according to the most recent statistics from the Project on Student Debt.

Witbrodt said there are several reasons why Washington University students graduate owe less than the national average, despite the school’s lofty price tag.

“The national average is taking into consideration all institutions of higher education—not just schools like Wash. U. but truck-driving schools, schools that don’t necessarily award undergraduate degrees, but award certificates,” he said. “It’s a huge mix…and a lot of those schools don’t have the resources to actively participate in default prevention.”

Witbrodt said that, compared to those of similar universities, Washington University’s figures are likely about average.

But he added that Student Financial Services has worked to decrease student debt over the past few years—namely, to ensure that students with family incomes under $60,000 do not have loans in their aid packages and to meet with students before certifying loans that have not come through its office.

“A lot of times students are in a panic mode, and they’ll do anything to stay in school, and they don’t take the time to read all the fine print,” he said. “We’re usually able to figure out a different plan for students to resolve their problems.”

Overall, students said they had personally perceived student debt to be less of a concern at Washington University than at other schools.

“I think most people at Wash. U. probably have most of their education provided,” senior Alexia Copenhaver said. “[But] any time I’ve talked to Student Financial Services, they’ve been really helpful.”

Senior Erika Sims added that many of her friends have found the school to be generous with aid.

“All the people I know who get scholarships are on half or full rides, so [debt] is not a problem for them,” she said.

Sophomore Avi Agarwalla noted that while his financial situation does not entitle him to significant aid, he knows his friends have found Student Financial Services to be particularly accommodating.

“Apparently my parents make too much, [but] everyone else I know has a good amount of financial aid,” he said. “I think they do a good job of helping out for the most part.”

“My friends go to state schools, and they don’t get anything,” he added. “I think at a lot of other schools it’s a bigger deal.”

Beyond state schools, Witbrodt noted that much of the recent debate over student loans has centered on for-profit colleges or schools that don’t actually get students the jobs they are promised.

For many schools, he said this can be especially problematic and lead to high default rates. Washington University’s default rate, as of last fall, was 2.1%.

“There are a lot of institutions out there awarding loans to students, and some of them may not be as careful awarding those loans as others, and [with] some of those institutions, a degree or certificate from that institution may not afford the student with an opportunity that’s going to help pay off those loans,” Witbrodt said.

He said that the University tries to help students handle their debt and avoid default by meeting with them during their senior year to discuss what to do should they find themselves in trouble.

“We have to be concerned to make sure our students don’t get into trouble and don’t take on debt without at least giving us a chance to help them,” Witbrodt said. “If students are concerned about their debt load or concerned about finances at all, they really should contact the Student Financial Services office so that we have a chance to help them.”

More in Academics

Sign up for the email edition

Stay up to date with everything happening at Washington University and beyond.

Subscribe