Average student debt increases at Albany area colleges
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- Megan Rogers
- Reporter- Albany Business Review
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Albany College of Pharmacy and Health Sciences alumni from the Class of 2013 graduated with a higher average debt load than peers who graduated in 2012.
The average debt of graduating students at the school was $48,744 for the Class or 2013, compared with $29,160 for the Class of 2012, a 67 percent increase, according to the Institute for College Access & Success.
The average student debt increase at the pharmacy school was the largest among the nine colleges and universities in the Albany area included in a nationwide report on student debt by the Institute for College Access & Success, a independent non-profit with offices in California and Washington, D.C. The group released its report on debt this morning.
Nationally, the average debt for graduates of public and private nonprofit colleges in the class of 2013 was $28,400, up from $27,850 in 2012. In New York, the average debt in 2013 was $26,381, up from $25,537 in 2012, a 3.3 percent increase.
For the eight schools in the region that reported average debt for the Class of 2012 and 2013, the total debt load for graduates increased 12.2 percent between 2012 and 2013. However, two schools, The College of Saint Rose and SUNY Cobleskill, saw 2013 graduates finish with less debt than 2012 graduates.
The Albany Business Review's issue on the business of higher education will be published Friday and includes more data on the 24 colleges and universities in the Albany area, including enrollment, tuition and endowment.
The chart below shows how average student debt levels have changed at some area colleges in the past five years. Because the information was self-reported to the Institute for College Access & Success, not all of the colleges in the area are included in the database.
Student Debt 2009-2013
| School | Class of 2013 avg. debt | Class of 2012 avg. debt | Class of 2011 avg. debt | Class of 2010 avg. debt | Class of 2009 avg. debt | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Albany College of Pharmacy and Health Sciences | $48,744 | $29,160 | N/A | N/A | N/A | |||||
| Siena College | $35,569 | $32,000 | $29,700 | $29,700 | $28,200 | |||||
| College of Saint Rose | $33,874 | $34,919 | N/A | $30,281 | $29,391 | |||||
| Rensselaer Polytechnic Institute | $32,000 | $31,000 | $29,625 | $30,125 | $30,838 | |||||
| Union College | $27,911 | N/A | $26,252 | $25,621 | $24,739 | |||||
| Average for New York State | $26,381 | $25,537 | $25,851 | $26,271 | $25,739 | |||||
| University at Albany | $25,729 | $24,126 | $24,126 | $24,146 | $22,092 | |||||
| Skidmore College | $24,371 | $22,753 | $21,000 | $19,850 | $18,303 | |||||
| SUNY Cobleskill | $21,080 | $21,195 | N/A | N/A | N/A | |||||
| The Sage Colleges | N/A | $27,907 | $26,159 | $28,300 | $29,000 | |||||
Megan reports breaking news and covers education.
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