by Kristen Dow
Staff Writer
As reported in the Sept. 23, 1996, issue of U.S. News and World Report, students who graduated from the University of La Verne in 1995 did so with an average debt of $20,275. This places ULV at No. 11 on a list of national universities which graduated students with the largest debt load.
According to the study, “The data are based only on students who borrowed from one or more of the following sources: federal, state and local governments; financial institutions, and the colleges themselves.” Therefore, not included in the study are other loans borrowed by “parents or others on behalf of the student.”
Adeline Cardenas-Clague, dean of enrollment services, said, “I don’t think the debt comes from the traditional undergraduate students, but rather from the graduate students and the law students.”
Ranked No. 1 on the list was Case Western Reserve University in Ohio, with an average debt per student of $26,031. Also appearing in the top 10 were institutions such as Ohio State ($25,275), University of Vermont ($21,500) and Pepperdine University ($20,600).
National universities that graduated students with the least amount of debt include Rice University ($2,323), San Diego State ($6,750) and UC Berkeley ($6,968).
In response to the study, President Stephen Morgan said, “I think we have known for a long time that students who attend the University of La Verne have a high financial need and this is a direct reflection of that.”
According to Dr. Morgan, ULV is not a highly endowed institution. Therefore, students attending the University may receive grants and scholarships, but also a fair amount of loans.
“One of the things we do on an ongoing basis is to attempt to raise the endowment,” Dr. Morgan said. “It’s important for institutions like La Verne to control costs. We’re looking for ways to be more efficient.”
Upon learning about ULV’s debt load, junior Jennifer Pashone said, “It surprised me at first because I thought we got a lot of financial aid, but after seeing that [the study], it makes me think twice about the financial aid I received.”
Pashone, who says she already has more than $23,000 in loans, said she expects to graduate $30,000 in debt.
According to Pashone, had she known in advance that she would be graduating with such a large debt load, she would have still decided to attend ULV.
“I know that at a state school it would take me twice as long to graduate. It’s a lose-lose situation,” she said.
Dr. Morgan said that the colleges listed under “Most Debt” were primarily private institutions which are not funded by state governments.
“All of us are aware of the cost differential between public and private education,” said Dr. Morgan.
According to Dr. Morgan, college graduates will make an average of $600,000 to $800,000 more in their lifetime than non-college graduates.
“We must keep the investment in higher education in perspective,” he said.
