Brought to you by WBIW News and Network Indiana
Last updated on Wednesday, May 23, 2012
(UNDATED) - Thousands of Indiana college graduates will march out of their schools this May with a diploma in one hand and a massive student loan debt in the other.
Average college tuition and fees in Indiana have increased by more than 100 percent over the past decade, according to the Indiana Commission for Higher Education. The same group has found the average debt load for Indiana college students was $27,000 for a four-year degree, the eighth-highest in the U.S.
To finance their education, students turn to public and private loans, with repayment schedules that can stretch three decades.
It's critically important for students and their parents to understand the implications of all this debt.
There's a simple way that you can see what you'll owe for your child depending on what their age is now.
Check out this college cost calculator. All you have to do is put in your child's age, and it'll figure out your total cost and what you need to save per month starting right now.
For example, if you have a 4-year-old, your average total college cost will be nearly a quarter of a million dollars. That figure assumes college will cost $25,000 a year. And if that figure isn't enough, the Saving for College site estimates that you'll need to put aside nearly $700 a month right now to pay for it.
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