September 8, 2006
While OBU has garnered several national accolades for quality and value in 2006, the university recently fared well on a national study of average student loan debt load for recent graduates.
The study, Student Debt and the Class of 2005: Average Debt by State, Sector, and School, analyzed data from more than 1,400 institutions across the nation. For Oklahoma, the average debt load for graduates in 2005 totaled $17,063, ranking the state 30th nationally.
While graduates from private universities in the state had an average debt of $23,397, OBU graduates’ average debt load was $16,614. That compared favorably with the average debt load for the state’s public institutions, which was $15,813. Average debt loads for the state’s two comprehensive universities were higher than OBU’s. Oklahoma State University’s average debt for graduates was $17,844, and the average for the University of Oklahoma’s 2005 graduates was $18,494. Regionally, East Central University in Ada had an average debt load of $16,169.
The study was conducted by the Project On Student Debt. According to its website, the organization “works to increase public understanding” of the trend of borrowing as a “primary way to pay for higher education.” The project’s stated goal is “to identify cost-effective solutions that expand educational opportunity, protect family financial security, and advance economic competitiveness.”
“The study affirms what we hear from students and their families every year,” said Trent Argo, OBU dean of enrollment management. “The overall cost of attending OBU is not very different from the cost of attending large public universities. The financial assistance we are able to provide allows our students to gain a strong education which also is a good value.”
“To compare well with our state’s public institutions is a strong testimony to the value of an OBU education,” said OBU President Mark Brister. “Numerous studies and reports show an education at a private Christian college is a worthwhile investment. Student loans are an effective way to invest in an appreciating asset: the life and potential of a young adult. We are pleased that the average debt for our graduates is below our state and national averages.”
While Oklahoma’s average debt load for 2005 graduates ranked 30th, adjacent states had similar averages:
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