New data shows Kentucky college graduates will shell out an average of $200 a month for a decade to pay off their student loans.
The Kentucky Higher Education Assistance Authority says state college students borrowed a record $1.2 billion dollars for the 2010-2011 school year, and there is no end in sight. Data presented earlier this month to the state board that sets tuition rates showed college students in the Commonwealth owe an average of more than $19,000 dollars each, ranking the state 43rd in the nation for student debt. That same day, Kentucky’s Council on Postsecondary Education approved tuition hikes as high as 6 percent at public colleges and universities. The U.S. Congress has until July 1st to prevent interest rates on federal student loans from doubling in interest.