December 11, 2020
MCPHS, WPI parents take out the most loans, new federal data shows
Photo | Grant Welker
MCPHS University in Worcester
By Grant Welker
Parents of students at MCPHS University and Worcester Polytechnic Institute take out the most loans to pay for their children's education in Central Massachusetts, according to newly released federal data.
The U.S. Department of Education has disclosed for the first time how much debt families take on for costs at colleges across the country. Previously, data included only debt in general, not necessarily that taken on by students' parents.
At MCPHS University, whose campus in downtown Worcester joins its main site in Boston, parents take an average debt of $64,758, according to Department of Education data. Parents in low-income families took out nearly as much: $52,928. At WPI, parents take an average debt of $51,853, and low-income parents an average of $31,726.
Public schools had far lower debt levels.
Fitchburg State University and Worcester State University each averaged about $13,000 for parents' debt. At Fitchburg State, low-income parents took on an average of $7,975 in debt. At Worcester State, that number was $10,037.
An analysis of the federal data by the Wall Street Journal found parents took on the most debt for students at private, nonprofit schools and the least at public schools. At private schools, roughly 70% of parents took on debt of at least $25,000, the Journal reported. At public schools, that rate was about 20%.
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