Students continue to rely on loans to finance their postsecondary education. The Office of Higher Education surveyed Minnesota postsecondary institutions in 2013 to collect new data on cumulative student loan debt on graduates over the past three years. The data includes cumulative median and average debt for students receiving sub-baccalaureate certificates, associate degrees, bachelor's degrees, master's degrees, doctorates and first-professional degrees in Minnesota.
Median Debt Among Minnesota Graduates by Degree Type, 2011-2013
Source: Minnesota Office of Higher Education
Cumulative Debt Data
- Debt varies widely from institution to institution, even among institutions in the same sector.
- Debt increases as the level of degree and specialization increases for example, in the medical and health sciences fields.
- The median debt of bachelor's degree recipients in 2013 was $27,300.
- Minnesota students graduating with bachelor's degrees had higher than average debt when compared with students nationally, but they had lower loan default rates than students nationally.
- At the associate and bachelor's degree levels, students graduating from for-profit institutions borrow more, on average, than students at public and private not-for-profit institutions.
- At the sub-baccalaureate certificate and master's degree levels, students graduating from for-profit institutions borrow similar amounts, on average, than students at public and private not-for-profit institutions.
- Most students who leave college without a degree (non-completers) borrow less than $11,500.