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Wed June 27, 2012
Borrowing For College Skyrocketing In Kentucky
LOUISVILLE, Ky. -- New data shows Kentucky college graduates will be shelling out an average of $200 a month for a decade to pay off their student loans.
The Kentucky Higher Education Assistance Authority says state college students borrowed a record $1.2 billion for the 2010-2011 school year, and there is no end in sight.
Data presented earlier this month to the state board that sets tuition rates showed college students in Kentucky owe an average of more than $19,000 apiece, ranking Kentucky 43rd in the nation for student debt.
The same day, the Kentucky Council on Postsecondary Education approved tuition hikes at public colleges and universities that reached as high as 6 percent.
Congress has until July 1 to prevent interest rates on federal student loans from doubling in interest.