The average amount of student debt refers to the typical or mean amount of money owed by students for their higher education expenses, which can include tuition, fees, and living costs.
Understanding the average amount of student debt is important for several reasons. It can help students and their families plan for the financial implications of higher education. It can also inform policymakers about the overall level of student debt and its potential impact on the economy. Historically, the average amount of student debt has been on the rise, driven by increasing tuition costs and other factors.