Student Loan Debt Rises to Over $20,000
These days, it’s common for college graduates to enter the workforce while burdened with overwhelming amounts of debt. And it’s probably no surprise to anyone that the total amount of debt for the average graduate is rising.
Here’s a great resource for students and anyone else who’s concerned about student loans: The Project on Student Debt, a watchdog organization. In a recent study, here’s what the Project on Student Debt found out about student loan debt in America:
- Between 2006 and 2007, the average total loan debt of graduates rose from $18,976 to $20,098, which is an increase of six percent. Yep, that’s right, the average student now graduates with over $20,000 in loan debt!
- Attending a public school doesn’t seem to be saving students as much money as you might think. The average loan debt for public school graduates is about $18,000, while that amount for private school students is $23,000.
- While the average student loan debt rose six percent, the average entry level salary for college graduates between the ages of 18 and 24 only went up three percent.
- The states where students are graduating with the highest amount of debt are Iowa, New Hampshire, and Alaska. The states where students accrue the lowest amount of debt are Utah, Hawaii, and New Mexico.
This report also includes a list of “high debt” and “low debt” colleges and universities, and a listing of student loan debt figures in each state. Check it out!