Kentucky Sees Major Drop in Student Loan Debt Among Graduates
Kentucky has seen a significant decline in student loan calculator debt among graduates. In 2023-24, nearly 60% of undergraduates completed their degrees without accruing debt. The average loan balance has dropped by 32.9% over the past five years.
The decrease in loan amounts is notable. In 2018-19, the average loan balance was $16,925. By 2023-24, this had fallen to $10,688, a reduction of $5,237. Even when excluding students with no debt, the average loan amount was $26,115, still 10% lower than five years ago.
Out-of-state students and those from underrepresented or low-income backgrounds typically carry the largest loan balances. However, the overall trend shows a decrease in debt for all groups. The average bachelor's degree recipient now owes $32,996, compared to $13,629 for a graduate of the Kentucky Community and Technical College System (KCTCS).
The reduction in student loan calculator debt in Kentucky is a positive development. It suggests that more students are finding ways to finance their education without relying heavily on loans. This could lead to improved financial outcomes for graduates upon entering the workforce.
