Student loan myths that scare students away from college

Common myths about student loan debt may deter students from attending a university, according to a report by U.S. News.

An independent council of 600 colleges examined common student-loan perceptions and explained why they were not true.

One common myth is that many graduates owe more than $100,000. While some students can end up owing this much in student loans, about one third of graduates have no debt. The average student will owe about $25,250 after college.

Another myth is that only people who have rich families can afford a college education. Although the price of tuition is increasing, 25 percent of all students attending a university have families that earn less than $25,000 a year.

The final myth addressed by the council was the notion that every student at a private college pays the same price. While the student covers about 60 percent of expenses, grants and scholarships often cover the rest.

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