As the economy struggles to correct itself, many students worry about their accumulating loans. According to Blake Ellis of CNNMoney.com, graduating seniors owed an average of $24,000 in student loan debt. Of the 50 states, students loan debts ranged from $13,000-$30,000. SCAD’s Student Financial Services website states “roughly 90 percent of our students receive some form of financial assistance.” On a positive note, graduating Georgia students have some of the lowest debts averaging $16,568. Another statistic SCAD boasts is its job placement. Within six months of graduation, roughly 80 percent of SCAD alumni secure jobs in their field of study or are admitted to graduate school.
With President Obama’s extension of the Bush tax cuts, students paying back loans should feel some relief. Depending on their monthly income, borrowers will have their federal loan payments capped at 15 percent. Another perk is that loans not repaid in 20-25 years may be forgiven. These changes in policy could make SCAD’s annual undergraduate tuition of $30,510 and graduate tuition of $30,960 easier for recent graduates to manage.