Nearly 153,000 student loan borrowers are about to have their debt forgiven, according to a recent Biden administration announcement. The federal Education Department would forgive $1.2 billion in student debt for about 153,000 borrowers — provided they borrowed $12,000 or less, have been paying their student loans for at least 10 years, and are enrolled in the Saving on a Valuable Education, or SAVE, repayment program launched last summer.
Average student loan debt has been on the rise, with the average total student debt hovering near $30,000, according to U.S. News data. The paper further notes that “those who graduated in 2022 from a ranked private college borrowed more on average, at $23,627, than public college graduates, who took out $20,371.”
To determine the colleges where students borrow the most in student loans, 24/7 Wall St. reviewed data on average annual net price from the U.S. Department of Education’s National Center for Education Statistics. Colleges and universities were ranked based on the average amount of student loans awarded to full-time first-time undergraduates in the 2021-22 school year. Only public and private nonprofit schools that predominantly grant bachelor’s degrees and had at least 1,000 undergraduates enrolled in fall 2022 were considered.
The colleges on the list are mostly private, though five are public, including Pennsylvania State University and University of North Dakota. Not surprisingly, the list includes Ivy League members such as Columbia University and Stanford University as well as other top rated universities where admittance is very low. These include University of Chicago, University of Pennsylvania, and Massachusetts Institute of Technology.
50. Utica University (private nonprofit)
- Location: Utica, New York
- Avg. student loan, full-time first-time undergrads, 2021-22: $11,391
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 73%
- Avg. annual net price, 2021-22: $22,372 — #468 highest of 1,184 institutions
- Percent admitted, 2022: 81%
- Most popular field of study: Business Management and Administrative Services
49. Bucknell University (private nonprofit)
- Location: Lewisburg, Pennsylvania
- Avg. student loan, full-time first-time undergrads, 2021-22: $11,397
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 34%
- Avg. annual net price, 2021-22: $39,965 — #48 highest of 1,184 institutions
- Percent admitted, 2022: 33%
- Most popular field of study: Engineering
48. Nazareth College (private nonprofit)
- Location: Rochester, New York
- Avg. student loan, full-time first-time undergrads, 2021-22: $11,422
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 73%
- Avg. annual net price, 2021-22: $31,620 — #148 highest of 1,184 institutions
- Percent admitted, 2022: 84%
- Most popular field of study: Business Management and Administrative Services
47. Salve Regina University (private nonprofit)
- Location: Newport, Rhode Island
- Avg. student loan, full-time first-time undergrads, 2021-22: $11,453
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 75%
- Avg. annual net price, 2021-22: $37,997 — #69 highest of 1,184 institutions
- Percent admitted, 2022: 70%
- Most popular field of study: Business Management and Administrative Services
46. Curry College (private nonprofit)
- Location: Milton, Massachusetts
- Avg. student loan, full-time first-time undergrads, 2021-22: $11,527
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 79%
- Avg. annual net price, 2021-22: $31,091 — #158 highest of 1,184 institutions
- Percent admitted, 2022: 88%
- Most popular field of study: Business Management and Administrative Services
45. Bentley University (private nonprofit)
- Location: Waltham, Massachusetts
- Avg. student loan, full-time first-time undergrads, 2021-22: $11,610
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 44%
- Avg. annual net price, 2021-22: $44,233 — #25 highest of 1,184 institutions
- Percent admitted, 2022: 58%
- Most popular field of study: Business Management and Administrative Services
44. CUNY John Jay College of Criminal Justice (public)
- Location: New York, New York
- Avg. student loan, full-time first-time undergrads, 2021-22: $11,622
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 7%
- Avg. annual net price, 2021-22: $5,001 — #1,179 highest of 1,184 institutions
- Percent admitted, 2022: 51%
- Most popular field of study: Physical Sciences
43. Lesley University (private nonprofit)
- Location: Cambridge, Massachusetts
- Avg. student loan, full-time first-time undergrads, 2021-22: $11,709
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 61%
- Avg. annual net price, 2021-22: $32,414 — #137 highest of 1,184 institutions
- Percent admitted, 2022: 86%
- Most popular field of study: Education
42. Clemson University (public)
- Location: Clemson, South Carolina
- Avg. student loan, full-time first-time undergrads, 2021-22: $11,748
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 39%
- Avg. annual net price, 2021-22: $24,577 — #355 highest of 1,184 institutions
- Percent admitted, 2022: 43%
- Most popular field of study: Business Management and Administrative Services
41. Immaculata University (private nonprofit)
- Location: Immaculata, Pennsylvania
- Avg. student loan, full-time first-time undergrads, 2021-22: $11,787
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 77%
- Avg. annual net price, 2021-22: $29,188 — #204 highest of 1,184 institutions
- Percent admitted, 2022: 70%
- Most popular field of study: Business Management and Administrative Services
40. Seton Hall University (private nonprofit)
- Location: South Orange, New Jersey
- Avg. student loan, full-time first-time undergrads, 2021-22: $11,822
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 57%
- Avg. annual net price, 2021-22: $33,472 — #113 highest of 1,184 institutions
- Percent admitted, 2022: 75%
- Most popular field of study: Business Management and Administrative Services
39. University of North Dakota (public)
- Location: Grand Forks, North Dakota
- Avg. student loan, full-time first-time undergrads, 2021-22: $11,927
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 59%
- Avg. annual net price, 2021-22: $17,359 — #752 highest of 1,184 institutions
- Percent admitted, 2022: 83%
- Most popular field of study: Engineering
38. Rose-Hulman Institute of Technology (private nonprofit)
- Location: Terre Haute, Indiana
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,038
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 47%
- Avg. annual net price, 2021-22: $41,678 — #40 highest of 1,184 institutions
- Percent admitted, 2022: 73%
- Most popular field of study: Engineering
37. Kettering University (private nonprofit)
- Location: Flint, Michigan
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,071
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 58%
- Avg. annual net price, 2021-22: $34,486 — #105 highest of 1,184 institutions
- Percent admitted, 2022: 81%
- Most popular field of study: Engineering
36. High Point University (private nonprofit)
- Location: High Point, North Carolina
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,079
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 46%
- Avg. annual net price, 2021-22: $40,221 — #46 highest of 1,184 institutions
- Percent admitted, 2022: 79%
- Most popular field of study: Business Management and Administrative Services
35. Saint Michael’s College (private nonprofit)
- Location: Colchester, Vermont
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,115
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 61%
- Avg. annual net price, 2021-22: $27,700 — #253 highest of 1,184 institutions
- Percent admitted, 2022: 85%
- Most popular field of study: Business Management and Administrative Services
34. Dean College (private nonprofit)
- Location: Franklin, Massachusetts
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,126
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 76%
- Avg. annual net price, 2021-22: $32,219 — #140 highest of 1,184 institutions
- Percent admitted, 2022: 76%
- Most popular field of study: Business Management and Administrative Services
33. University of Chicago (private nonprofit)
- Location: Chicago, Illinois
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,150
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 7%
- Avg. annual net price, 2021-22: $36,991 — #78 highest of 1,184 institutions
- Percent admitted, 2022: 5%
- Most popular field of study: Mathematics
32. Everglades University (private nonprofit)
- Location: Boca Raton, Florida
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,345
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 63%
- Avg. annual net price, 2021-22: $28,778 — #214 highest of 1,184 institutions
- Percent admitted, 2022: 70%
- Most popular field of study: Business Management and Administrative Services
31. Southern Methodist University (private nonprofit)
- Location: Dallas, Texas
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,369
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 26%
- Avg. annual net price, 2021-22: $45,094 — #22 highest of 1,184 institutions
- Percent admitted, 2022: 52%
- Most popular field of study: Business Management and Administrative Services
30. Sacred Heart University (private nonprofit)
- Location: Fairfield, Connecticut
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,381
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 65%
- Avg. annual net price, 2021-22: $45,280 — #21 highest of 1,184 institutions
- Percent admitted, 2022: 66%
- Most popular field of study: Business Management and Administrative Services
29. Roger Williams University (private nonprofit)
- Location: Bristol, Rhode Island
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,439
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 71%
- Avg. annual net price, 2021-22: $37,964 — #70 highest of 1,184 institutions
- Percent admitted, 2022: 91%
- Most popular field of study: Business Management and Administrative Services
28. Widener University (private nonprofit)
- Location: Chester, Pennsylvania
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,468
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 80%
- Avg. annual net price, 2021-22: $32,185 — #141 highest of 1,184 institutions
- Percent admitted, 2022: 88%
- Most popular field of study: Business Management and Administrative Services
27. University of Pennsylvania (private nonprofit)
- Location: Philadelphia, Pennsylvania
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,499
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 10%
- Avg. annual net price, 2021-22: $26,123 — #303 highest of 1,184 institutions
- Percent admitted, 2022: 7%
- Most popular field of study: Business Management and Administrative Services
26. Emerson College (private nonprofit)
- Location: Boston, Massachusetts
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,551
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 53%
- Avg. annual net price, 2021-22: $51,432 — #6 highest of 1,184 institutions
- Percent admitted, 2022: 43%
- Most popular field of study: Business Management and Administrative Services
25. Quinnipiac University (private nonprofit)
- Location: Hamden, Connecticut
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,694
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 64%
- Avg. annual net price, 2021-22: $39,051 — #60 highest of 1,184 institutions
- Percent admitted, 2022: 84%
- Most popular field of study: Business Management and Administrative Services
24. The Southern Baptist Theological Seminary (private nonprofit)
- Location: Louisville, Kentucky
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,765
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 21%
- Avg. annual net price, 2021-22: $17,299 — #755 highest of 1,184 institutions
- Percent admitted, 2022: 87%
- Most popular field of study: Business Management and Administrative Services
23. The University of the Arts (private nonprofit)
- Location: Philadelphia, Pennsylvania
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,846
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 93%
- Avg. annual net price, 2021-22: $42,467 — #37 highest of 1,184 institutions
- Percent admitted, 2022: 80%
- Most popular field of study: Visual and Performing Arts
22. Merrimack College (private nonprofit)
- Location: North Andover, Massachusetts
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,924
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 64%
- Avg. annual net price, 2021-22: $37,296 — #75 highest of 1,184 institutions
- Percent admitted, 2022: 75%
- Most popular field of study: Business Management and Administrative Services
21. Hampton University (private nonprofit)
- Location: Hampton, Virginia
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,966
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 75%
- Avg. annual net price, 2021-22: $32,421 — #136 highest of 1,184 institutions
- Percent admitted, 2022: 74%
- Most popular field of study: Business Management and Administrative Services
20. Stanford University (private nonprofit)
- Location: Stanford, California
- Avg. student loan, full-time first-time undergrads, 2021-22: $12,999
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 7%
- Avg. annual net price, 2021-22: $18,279 — #692 highest of 1,184 institutions
- Percent admitted, 2022: 4%
- Most popular field of study: Engineering
19. Citadel Military College of South Carolina (public)
- Location: Charleston, South Carolina
- Avg. student loan, full-time first-time undergrads, 2021-22: $13,093
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 47%
- Avg. annual net price, 2021-22: $21,846 — #495 highest of 1,184 institutions
- Percent admitted, 2022: 99%
- Most popular field of study: Business Management and Administrative Services
18. Duquesne University (private nonprofit)
- Location: Pittsburgh, Pennsylvania
- Avg. student loan, full-time first-time undergrads, 2021-22: $13,104
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 62%
- Avg. annual net price, 2021-22: $33,919 — #107 highest of 1,184 institutions
- Percent admitted, 2022: 87%
- Most popular field of study: Business Management and Administrative Services
17. Bryant University (private nonprofit)
- Location: Smithfield, Rhode Island
- Avg. student loan, full-time first-time undergrads, 2021-22: $13,242
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 57%
- Avg. annual net price, 2021-22: $40,361 — #45 highest of 1,184 institutions
- Percent admitted, 2022: 69%
- Most popular field of study: Business Management and Administrative Services
16. The University of Findlay (private nonprofit)
- Location: Findlay, Ohio
- Avg. student loan, full-time first-time undergrads, 2021-22: $13,311
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 68%
- Avg. annual net price, 2021-22: $24,069 — #382 highest of 1,184 institutions
- Percent admitted, 2022: 86%
- Most popular field of study: Business Management and Administrative Services
15. Savannah College of Art and Design (private nonprofit)
- Location: Savannah, Georgia
- Avg. student loan, full-time first-time undergrads, 2021-22: $13,317
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 43%
- Avg. annual net price, 2021-22: $45,976 — #19 highest of 1,184 institutions
- Percent admitted, 2022: 82%
- Most popular field of study: Engineering
14. Pennsylvania State University-Main Campus (public)
- Location: University Park, Pennsylvania
- Avg. student loan, full-time first-time undergrads, 2021-22: $13,414
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 47%
- Avg. annual net price, 2021-22: $26,747 — #283 highest of 1,184 institutions
- Percent admitted, 2022: 55%
- Most popular field of study: Engineering
13. Massachusetts Institute of Technology (private nonprofit)
- Location: Cambridge, Massachusetts
- Avg. student loan, full-time first-time undergrads, 2021-22: $13,792
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 7%
- Avg. annual net price, 2021-22: $20,232 — #575 highest of 1,184 institutions
- Percent admitted, 2022: 4%
- Most popular field of study: Engineering
12. Ohio Northern University (private nonprofit)
- Location: Ada, Ohio
- Avg. student loan, full-time first-time undergrads, 2021-22: $13,929
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 64%
- Avg. annual net price, 2021-22: $27,398 — #259 highest of 1,184 institutions
- Percent admitted, 2022: 54%
- Most popular field of study: Engineering
11. Worcester Polytechnic Institute (private nonprofit)
- Location: Worcester, Massachusetts
- Avg. student loan, full-time first-time undergrads, 2021-22: $14,168
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 55%
- Avg. annual net price, 2021-22: $46,876 — #14 highest of 1,184 institutions
- Percent admitted, 2022: 57%
- Most popular field of study: Engineering
10. Texas Christian University (private nonprofit)
- Location: Fort Worth, Texas
- Avg. student loan, full-time first-time undergrads, 2021-22: $14,299
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 30%
- Avg. annual net price, 2021-22: $44,190 — #26 highest of 1,184 institutions
- Percent admitted, 2022: 56%
- Most popular field of study: Business Management and Administrative Services
9. MCPHS University (private nonprofit)
- Location: Boston, Massachusetts
- Avg. student loan, full-time first-time undergrads, 2021-22: $14,362
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 74%
- Avg. annual net price, 2021-22: $38,776 — #64 highest of 1,184 institutions
- Percent admitted, 2022: 88%
- Most popular field of study: Biological Sciences/Life Sciences
8. Baylor University (private nonprofit)
- Location: Waco, Texas
- Avg. student loan, full-time first-time undergrads, 2021-22: $14,404
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 37%
- Avg. annual net price, 2021-22: $45,988 — #18 highest of 1,184 institutions
- Percent admitted, 2022: 46%
- Most popular field of study: Business Management and Administrative Services
7. Grove City College (private nonprofit)
- Location: Grove City, Pennsylvania
- Avg. student loan, full-time first-time undergrads, 2021-22: $14,541
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 31%
- Avg. annual net price, 2021-22: $23,538 — #408 highest of 1,184 institutions
- Percent admitted, 2022: 71%
- Most popular field of study: Business Management and Administrative Services
6. St. John Fisher University (private nonprofit)
- Location: Rochester, New York
- Avg. student loan, full-time first-time undergrads, 2021-22: $14,869
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 70%
- Avg. annual net price, 2021-22: $28,312 — #233 highest of 1,184 institutions
- Percent admitted, 2022: 73%
- Most popular field of study: Business Management and Administrative Services
5. Embry-Riddle Aeronautical University-Daytona Beach (private nonprofit)
- Location: Daytona Beach, Florida
- Avg. student loan, full-time first-time undergrads, 2021-22: $15,475 ($15,653 for the Prescott, Arizona campus)
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 52%
- Avg. annual net price, 2021-22: $38,983 — #61 highest of 1,184 institutions
- Percent admitted, 2022: 65%
- Most popular field of study: Engineering
4. Endicott College (private nonprofit)
- Location: Beverly, Massachusetts
- Avg. student loan, full-time first-time undergrads, 2021-22: $15,942
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 70%
- Avg. annual net price, 2021-22: $39,496 — #54 highest of 1,184 institutions
- Percent admitted, 2022: 73%
- Most popular field of study: Business Management and Administrative Services
3. Saint Francis University (private nonprofit)
- Location: Loretto, Pennsylvania
- Avg. student loan, full-time first-time undergrads, 2021-22: $16,133
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 68%
- Avg. annual net price, 2021-22: $27,459 — #258 highest of 1,184 institutions
- Percent admitted, 2022: 73%
- Most popular field of study: Business Management and Administrative Services
2. Columbia University in the City of New York (private nonprofit)
- Location: New York, New York
- Avg. student loan, full-time first-time undergrads, 2021-22: $16,849
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 10%
- Avg. annual net price, 2021-22: $22,058 — #486 highest of 1,184 institutions
- Percent admitted, 2022: 4%
- Most popular field of study: Engineering
1. Berklee College of Music (private nonprofit)
- Location: Boston, Massachusetts
- Avg. student loan, full-time first-time undergrads, 2021-22: $17,737
- Pct. full-time first-time undergrads awarded student loans, 2021-22: 24%
- Avg. annual net price, 2021-22: $46,873 — #15 highest of 1,184 institutions
- Percent admitted, 2022: 54%
- Most popular field of study: Education
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