LUBBOCK, Texas — With spring graduation just around the corner, college graduates will be heading into the workforce, and majority of them, with student loan debt.
Texas Tech President, Lawrence Schovanec said within a year of graduation, 95 percent of their students are employed, but that degree came with a price.
“The average debt of a student who leaves Texas Tech is $21,200,” Schovanec said. “What’s a bit misleading about that is only about 60 percent of students have debt, and those that do, it’s about $35,000.”
Schovanec said as tuition rates continue to rise, they are concerned about their retention rates.
“Our six year graduation rate is only 60 percent,” Schovanec said. “Our four year rate is up about four percent in the last five years, but it’s still too low, it’s less than 40 percent.”
Schovanec said in order to combat those numbers, Texas Tech is implementing new programs in advising, to help students stay at Tech, and graduate on time.
“We’re making sure we’re providing very hands on advising,” Schovanec said. “That makes a special effort to identify students that are at risk.”