WCBC

August 22nd, 2016 by WCBC Radio

Maryland students looking to minimize their student debt should take note that Frostburg State University students take on thousands of dollars less in principal debt than the average Maryland undergraduate, according to a new report from LendEDU, an organization that provides student loan company comparison services. Compared to the U.S. average, FSU students do even better.

FSU was ranked 113 among all four-year public colleges and universities studied in terms of lowest average student debt per borrower in LendEDU’s “Student Loan Debt Ranking.” In addition, among all 1,360 public and private colleges and universities that LendEDU studied, FSU ranked 227 in total average student debt. For the Class of 2015, FSU’s graduates had the second-lowest student debt of the 21 Maryland schools examined by the organization.

“We found that Frostburg State University is giving students a very low amount of student debt at graduation,” said Tom Flynn, director of Sales and Research for LendEDU. “We encourage students and families to consider student debt before decision day. And Frostburg State is doing an excellent job helping students avoid student debt.”

LendEDU calculated Frostburg’s average principal debt per borrower to be $23,859. Frostburg’s graduates averaged about $3,300 less student debt per borrower than the Maryland state average of $27,148, and more than $4,500 less than the national average of $28,400.

“This ranking demonstrates what an enormous value Frostburg State offers its students,” said FSU President Ronald Nowaczyk. “Our students begin their post-college lives owing less money than the average graduate, and that gives new Frostburg alumni a real advantage as they establish themselves in their chosen professions. Keeping their principal debt low also helps students save thousands of additional dollars in interest.”

LendEDU used Peterson’s financial aid data for the Class of 2015, the latest available, to calculate the average student debt principal per graduating borrower at the more than 1,300 nonprofit public and private four-year colleges and universities across the United States that report those figures.

To view LendEDU’s report, visit lendedu.com/blog/student-loan-debt-statistics-by-state-by-school.

The company was founded in 2014 by two student loan borrowers to help students find transparency among lenders and refinancers without damaging their credit.