Amid financial aid delays, students may enter college without knowing their costs, possibly accumulating $37,000 in student loan debt.
The cost of tuition and fees at public, four-year institutions has decreased by 9.8% in the past three years, but students still rely heavily on loans for education costs.
NerdWallet analysis estimates undergraduate students relying on loans may accumulate about $36,700 in debt for a five-year bachelor's degree, making conservative borrowing decisions crucial.
It is advisable for students to consider savings, grants, and scholarships before taking out loans, being cautious about accepting only the necessary loan amounts to avoid unnecessary debt.
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