Average Debt of WT Graduates Drops 23 Percent Over Seven-Year Period

Copy by Chip Chandler, 806-651-2124, cchandler@wtamu.edu

CANYON, Texas — The average debt for West Texas A&M University graduates has dropped 23 percent over the past seven years, according to a new study. The debt load also is significantly lower than national and statewide averages.

The average debt load for 2023 graduates was $20,655 among students who took out loans, according to data compiled by WT’s Office of Student Financial Services for the Texas Higher Education Coordinating Board’s Accountability System.

That’s down significantly from an average of $26,908 for 2016 graduates.

According to Forbes, the average student loan debt is $28,950 nationwide and $32,295 in Texas.

“It has been my mission to reduce over-indebtedness levels among our students,” WT President Walter V. Wendler said. “WT’s comprehensive approach to financial aid, personalized counseling, and career support services is designed to ensure our graduates are financially secure.

“I am pleased to see we are making a real impact through our commitment to providing our students with affordable, high-quality education while minimizing financial burdens,” Wendler said.

WT’s efforts include expanding scholarship opportunities, offering personalized financial literacy offerings, and enhancing career support services. These measures have contributed to the significant reduction in student debt, underscoring the University’s dedication to financial responsibility and student success.

By providing high quality, cost-effective education and supporting students with targeted financial initiatives, WT is setting a new standard in higher education affordability.

Such initiatives include the Education Credit Union Buff $mart program, which offers financial literacy education; a no-cost-to-students textbook plan that will provide texts and ancillary materials in core curriculum classes for students beginning in fall 2024; the WT Office of Career and Professional Development, which supports both students and alumni; and more.

“This approach not only benefits students and their families but also strengthens the University’s role in fostering a prosperous and educated community,” said Dr. Neil Terry, provost and executive vice president of academic affairs. “While maintaining a focus on reducing debt, WT also is committed to providing high-quality educational experiences in and out of the classroom, both for in-person and online students.”

Additionally, one of the primary goals of the historic One West comprehensive fundraising campaign is to raise funds for scholarship endowments. Currently, the campaign has raised nearly $160 million, including about $20 million for scholarships.

“Affordability is WT’s commitment to building strong communities,” said Dr. Todd Rasberry, vice president for philanthropy and external relations. “Students who graduate with less debt have more freedom in selecting jobs and careers in the towns and cities in which they want to live, work and serve.”

WT offers merit scholarships based on students’ high school achievements; automatic scholarships for transfer students; multiple University scholarships; and other financial aid, including the Buff Promise, which covers in-state tuition and fees for fulltime undergraduate Texas residents who have an annual family income of $80,000 or less.

Placing people first in a learner-centered university is a key mission of the University’s long-range plan, WT 125: From the Panhandle to the World.

About West Texas A&M University

WT is located in Canyon, Texas, on a 342-acre residential campus. Established in 1910, the University has been part of The Texas A&M University System since 1990. WT, a Hispanic Serving Institution since 2016, boasts an enrollment of about 10,000 and offers 59 undergraduate degree programs and more than 40 graduate degrees, including two doctoral degrees. The University is also home to the Panhandle-Plains Historical Museum, the largest history museum in the state and the home of one of the Southwest’s finest art collections. The Buffaloes are a member of the NCAA Division II Lone Star Conference and offers 14 men’s and women’s athletics programs.

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