College graduates across the United States are leaving school with dramatically different levels of student loan debt, depending mainly on where they studied, according to a new analysis by student finance experts at TuitionHero. The findings challenge long-held assumptions about college affordability and suggest that prestigious private universities may, in many cases, leave students better off financially than public institutions.
Using median graduate debt data from the U.S. Department of Education for the 2022–23 academic year, TuitionHero examined outcomes for 100 institutions listed in Forbes’ ranking of America’s top colleges. The study focused on median federal debt at graduation, providing a clearer picture of the typical borrower’s experience rather than relying on outliers.
The analysis found that Bucknell University leaves graduates with the highest median debt in the sample, at $27,000. Villanova University ranked second at $25,874, while Northeastern University ranked third at $24,250. Boston University and Michigan State University were tied for fourth, with graduates from both institutions carrying median debt loads of $23,250.
By contrast, graduates of several elite private institutions completed their studies with substantially lower debt. Wellesley College ranked best overall, with a median graduate debt of $10,000. Johns Hopkins University, Princeton University, Brown University, and Brigham Young University rounded out the five institutions with the lowest median debt, all near or just above $10,000.
One of the study’s most striking conclusions is the contrast between Ivy League universities and many large public schools. Harvard University graduates leave with a median debt of $14,000, while students at Michigan State University carry debt that is approximately 66 percent higher. Yale University graduates face a median debt of $12,975, nearly half the $20,484 shouldered by graduates of the University of Wisconsin–Madison.
According to TuitionHero, this counterintuitive pattern is driven mainly by financial aid structures rather than tuition sticker prices. Elite private universities often manage large endowments that enable them to provide generous grant-based aid and, in many cases, no-loan financial aid packages for students from lower- and middle-income families.
“The data shows a reality that runs counter to what many families believe about college costs,” said Jesse Villanueva, CEO of TuitionHero. “Students at prestigious private universities often graduate with less debt than those at public institutions because of differences in financial aid policies.”
Villanueva added that families frequently focus on published tuition rates without fully considering net costs after grants and scholarships. “Schools with higher advertised tuition may actually cost less for many students once aid is factored in,” he said.
The study also highlights geographic patterns in student debt. Boston emerged as a notable concentration of high debt outcomes, with Northeastern University, Boston University, and Boston College all ranking among the 25 institutions where graduates carry the heaviest median debt burdens. TuitionHero described the city as an epicenter of student loan pressure, citing a dense cluster of private universities and relatively high borrowing rates.
California, by contrast, showed consistently lower median debt levels across its major institutions. The University of California system performed exceptionally well, with campuses such as UCLA, UC Davis, and UC Berkeley reporting median graduate debt of $13,000 or less. TuitionHero attributed this trend to a combination of state support, system-wide tuition controls, and institutional aid programs.
Overall, the findings underscore that lower tuition does not necessarily translate into lower debt. Many state universities advertise comparatively affordable tuition but lack the financial aid resources needed to substantially reduce student borrowing. As a result, graduates may leave with higher loan balances than peers at wealthier private institutions.
The researchers argue that prospective students and families should evaluate colleges based on likely debt outcomes rather than reputation or headline tuition costs alone. Median graduate debt, they note, provides a practical indicator of how an institution supports students financially through to graduation.
The study draws on U.S. Department of Education College Scorecard data and Forbes’ America’s Top Colleges list. It analyzes the median federal debt of graduates from the 2022–23 academic year.