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Although stories about six-figure student loan debt make for eye-catching headlines, the reality for most students is quite different. The average bachelor’s degree graduate of a private college in New York borrows a total of $31,647 to fund their four-year degree. That’s not much more than their counterparts at SUNY who borrow an average of $28,212 for their degree1. It’s also nearly exactly the same as the average new car loan in the U.S., $31,4552. Unlike a new car that begins to depreciate as soon as it’s driven off the lot, a college degree is an investment that pays dividends for a lifetime.  

1Source: The Institute for College Access & Success, four-year institutions, bachelor’s degree recipients, federal and private loans, 2016-17.
2
Source: Experian State of the Automotive Finance Market Report, 2018