The U.S. News Short List, separate from our overall rankings, is a regular series that magnifies individual data points in hopes of providing students and parents a way to find which undergraduate or graduate programs excel or have room to grow in specific areas. Be sure to explore The Short List: College and The Short List: Grad School to find data that matters to you in your college or grad school search.
Over the last few months, many recent college graduates have opened their mailboxes to holiday cards, packages, and, mixed among them, that dreaded letter from their alma mater. Their six-month grace period is over, the letter might say, and it's time to start repaying those college loans.
Among the 1,009 ranked colleges and universities that submitted undergraduate student debt data to U.S. News, the average amount of debt for a class of 2010 graduate who borrowed funds was about $25,000. Debt, as defined by U.S. News in its annual survey, does not include parent loans, but rather loans taken out by students from the colleges themselves, from financial institutions, and from federal, state, and local governments. Of the 1,028 ranked institutions that submitted data on the percentage of 2010 graduates who borrowed money, the average was about 68 percent.
[Take the first step to apply for college financial aid.]
Some graduates may be in better shape than others, depending on their personal financial situation and the opportunities offered by their school. Alice Lloyd College, a private school in Kentucky with the lowest average indebtedness per 2010 graduate who borrowed funds, pays the tuition of students from the 108 Central Appalachian Counties through grants, scholarships, and work study.
Princeton University and College of the Ozarks in Missouri also limit student debt through unique initiatives, and are the only two institutions that appear in the top 10 lists of both smallest percent of 2010 graduates owing money and the lowest average indebtedness per student. In 2001, Princeton began replacing students' loan packages with scholarships that do not need to be repaid. And at College of the Ozarks, where 90 percent of each incoming class shows financial need, the school sets up those students with campus jobs to cover tuition.
[Check out the Paying for College knowledge center.]
The five military academies, which charge $0 in tuition and $0 in fees in return for postgraduate service, were excluded from this list, as were schools that were designated by U.S. News as Unranked. U.S. News did not calculate a numerical ranking for Unranked programs because the program did not meet certain criteria that U.S. News requires to be numerically ranked.
Below is a table of the schools with the lowest average indebtedness of their 2010 graduating class, among all colleges and universities that reported debt data to U.S. News:
| School name (state) | Percentage of 2010 graduates who have borrowed | Average total indebtedness per student | U.S. News rank & category |
|---|---|---|---|
| Alice Lloyd College (KY) | 32 | $3,108 | *RNP, National Liberal Arts Colleges |
| Princeton University (NJ) | 24 | $4,385 | 1, National Universities |
| Anna Maria College (MA) | 77 | $5,152 | RNP, Regional Universities (North) |
| College of the Ozarks (MO) | 11 | $5,389 | 12, Regional Colleges (Midwest) |
| Berea College (KY) | 73 | $5,836 | 71, National Liberal Arts Colleges |
| Reinhardt University (GA) | 62 | $6,131 | 43, Regional Colleges (South) |
| Clearwater Christian College (FL) | 51 | $6,365 | RNP, National Liberal Arts Colleges |
| California State University— Bakersfield | 72 | $6,730 | 88, Regional Universities (West) |
| East-West University (IL) | 80 | $7,000 | RNP, National Liberal Arts Colleges |
| Cameron University (OK) | 32 | $7,200 | RNP, Regional Universities (West) |
*RNP denotes an institution that is ranked in the bottom one fourth of its rankings category. U.S. News calculates a rank for the school but has decided not to publish it.
Don't see your school in the top 10? Access the U.S. News College Compass to find information about financial aid and student indebtedness, as well as complete rankings and much more.
U.S. News surveyed more than 1,800 colleges and universities for our 2011 survey of undergraduate programs. Schools self-reported a myriad of data regarding their academic programs and the makeup of their student body, among other areas, making U.S. News's data the most accurate and detailed collection of college facts and figures of its kind. While the data comes from the schools themselves, these lists have no influence over U.S. News's rankings of Best Colleges or Best Graduate Schools.
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