CHICO – A recent report conducted by the Institute for College Access and Success found that Chico State students accrue the lowest amount of federal debt upon graduation among all public four-year colleges and universities in California.
According to the report, college students pursuing bachelor’s degrees at public and nonprofit colleges as of 2020 amass an average of $18,350 to $39,950 in student loan debt by their graduation. The report also found that the likelihood of new graduates having student loan debt ranged from 39% to 73% on average.
Jerry Ross, Chico State’s associate vice president of enrollment management, said that this news was a testament to the work the university has put in over the years to help students navigate the higher education system.
“We try to make sure they’re savvy consumers when it comes to understanding what goes into student loans,” said Ross. “We help them find creative solutions with state and federal grants wherever possible and also scholarships to help them avoid taking out student loan debt whenever possible.”
Sameer Gadkaree, the institute’s president, said in the report that because of pre-existing economic and racial disparities in wealth, first-generation, Black, indigenous and people of color and students from low-income backgrounds tend to accrue the most debt from four-year colleges upon graduation.
Because approximately half of the student population at Chico State are first generation college students, Ross said, financial literacy is vital to helping students and their families navigate tuition costs.
“Helping students stay on track towards graduation is another key element,” Ross said. “The persistence and time spent towards a degree is an important part of college debt as well, and something I think Chico State does well.”
This news follows President Joe Biden’s administration’s recent announcement on June 24 to expand its Public Service Loan Forgiveness program by over $8 billion in student loan debt for approximately 145,000 students.
This expansion temporarily waives some eligibility rules for the program to allow more students to get their federal student loans forgiven. However, the expansion is set to expire by Oct. 31 when the eligibility rules will revert back to its stricter requirements.
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