How much is the recession affecting the average college student? That depends on how they're paying for college...and what their spending habits are. Many students have thousands of dollars of electronics in their dorm rooms. that can lead to credit card debt. The average college student has $5,000 to $7,000 of credit card debt when they graduate. Most students we spoke with who are on a meal plan and live in the dorms, don't think they're feeling the pinch of the recession. they're relatively insulated from it. But parents are another story. A layoff can make a huge impact on college plans. And those parents are reaching out for help. When it comes to financial aid, there are some special allowances for those who are laid off. The average Penn State Altoona student graduates with about $28,000 in loans. If you or your child is having problems with credit cards, or affording college, you need to set up a time to talk with a financial aid councilor.