Florida’s College Grads have Lower Student Loans

Graduates of Florida colleges are less likely to be saddled with student loans when they graduate, a new study shows.

Slightly more than half of Florida’s students leave school with loans compared with seven of 10 nationally, reported the nonprofit Institute for College Access & Success.

Seven of Florida’s 11 public four-year schools reported that just under half of their 2013 graduates borrowed to cover their college costs. New College of Florida had the lowest percentage of students taking out loans — 39 percent — followed by the University of Florida’s 43 percent, the institute found.

Those who did borrow at Florida’s four-year public and nonprofit colleges took out an average of $24,017 in loans, nearly $4,400 less than the $28,400 national average.

Florida’s comparatively low tuition at public universities helps many students avoid or take out fewer loans, said Debbie Cochrane, research director at the Institute for College Access & Success. Each Florida public school sets its own tuition and fees, but prices averaged about $6,100 for the 2012-2013 school year. That’s about $2,800 a year less than the national average of $8,893 at a public university reported by the New York-based nonprofit, College Board.