Document Number: 11013Student Debt and the Class of 2012 - Seven in 10 college seniors graduated last year with debt averaging $29,400. Private loans constituted 20% of their debt; those loans are usually more costly and come with fewer repayment options. Federal loans are safer, according to the authors of this report. Average debt generally increased 6% a year from 2008 while family incomes stagnated and college grads faced worse job prospects. Better data college-level data on debt at graduation and private student loan borrowing was called for. See Table 3 for a 50-state view of average debt, percent with debt, and ranks. (Matthew Reed and Debbie Cochrane, The Project on Student Debt at the Institute for College Access & Success, December 2013)...
Related IssuesPostsecondary Affordability