This, That, and the Other...
College graduates are leaving school with an average debt burden of more than $20,000, an amount that outpaces any growth in starting salaries, according to the Project on Student Debt, an Initiative of The Institute of College Access and Success.
Graduates of the class of 2007 carried six percent more student loan debt than the class of 2006, while starting salaries for recent graduates rose just three percent in the same period.
Over the past decade, debt levels for graduating seniors with student loans more than doubled. At public universities, debt levels increased some 116 percent. At private universities, indebtedness grew by 95 percent.
Students in Iowa and New Hampshire graduate with the highest debt levels: $26,208 and $25,211, respectively. Those in Utah have the lowest average debt at $13,266. South Dakota, North Dakota, New Hampshire, and Iowa have the highest proportions of students graduating with student loans, at 81 percent, 75 percent, 74 percent, and 73 percent, respectively.
Learn more about these recent findings by reading the complete press release at http://projectonstudentdebt.org/files/pub/2007_state_debt_NR.pdf.