Will a degree from an HBCU cover student loan debt?
According to a new report, the starting salary for a new college graduate from an HBCU may not be enough to cover student loan debt.
By way of an article on Chron.com, the class of 2015 is projected to have about $35,000 in student loan debt upon graduation. That’s $7,000 more than what the class of 2013 will owe.
Of course in order to pay back the loan, students have to have jobs that will afford them that opportunity.
So to look at how debt and income will factor into the financial success that students may have post graduation, Edsmart.org found that some students who attend HBCU’s may struggle economically. It is a recipe for disaster when students can’t afford college when they start, OR afford to pay it back when they graduate.
The report shows that the average starting salary for new graduates out of Bethune-Cookman University comes in at just $38,700. That’s just $3,000 more than the average debt that students may carry, but the in-state tuition and fees for BCU is a reasonable $14,410.
It gets even better if students attend Florida A&M University. Tuition for in-state students is just $5,785, $17,725 for out-of-state, and students project to make a little over $42,300 after graduation.
Other schools where students can expect to earn more include Xavier University, Howard University, Hampton University, and Tennessee State University.
While the salaries vary, and so will the debt per student, knowing that your earning potential fresh out of college may hover around $50,000 per year may take the sting away form having to pay the government back for your education.