Cost of Education, For-Profit, Not-for-Profit, Private education, Public education, Required, Student Loans, Students, Unemployment, University & College - Written by on Thursday, November 3, 2011 8:07 - 1 Comment

Education Finance: Average Debt Levels Rose for 2010 Graduates

image by DonkeyHotey via Flickr under CreativeCommons

The Project on Student Debt show that college students graduating in 2010 owed an average of $25,250 in student loan debt. That’s up 5% from 2009. That’s also tough when the unemployment rate for new college graduates is at 9.1%, which is close to the national unemployment rate.  At the same time, the unemployment rate is double that for young people seeking work after high school when they have no college degree. The Project on Student Debt is connected with the California-based TICAS, or The Institute for College and Success, an independent nonprofit that promotes higher education access and affordability. Justin Pope at The Associated Press reports:

Another cause for concern: because of data limitations, the figures do not include students at for-profit college, where other recent data show 96 percent of graduates have loans and they borrow nearly 50 percent more than those who graduate from other four-year schools. Debt levels do vary widely from school to school, and from region to region. The average level at individual colleges ranges from $950 to over $55,000. The report identifies 15 nonprofit institutions where students graduate with unusually high debt levels, a list that encompasses schools ranging from Regent University in Virginia to New York University to a number of art schools. Meanwhile, students in the Northeast and Midwest generally had substantially higher debts than those in the West. New Hampshire had the highest average graduating debt of any state at $31,048, while Utah was lowest at $15,509.

At the same time, tuition continues to rise according to the College Board. The Associated Press report notes the ongoing concerns about student debt levels:

Complaints about student debt have been front and center at a number of the Occupy Wall Street protests. Last week, President Barack Obama announced steps to protect borrowers from burdensome monthly payments, including a program to encourage loan consolidations and speeding up new options that can cap monthly payments based on a percentage of income for federal borrowers. The report estimates at least 22 percent of the class of 2010’s student debt comes in the form of private loans, which typically have higher interest rates and fewer borrower protections than loans from the federal government. Students are generally advised first to borrow the maximum from the government before turning to private loans. But previous research by The Project on Student Debt shows a majority of those who take out private loans haven’t done so.

Story via Associated Press

Project on Student Debt site: http://projectonstudentdebt.org/

Interactive Map: http://projectonstudentdebt.org/state_by_state-data.php

 

 

 



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Education Finance: Average Debt Levels Rose for 2010 Graduates | WiredAcademic « DonkeyHotey
Nov 10, 2011 10:33

[...] Education Finance: Average Debt Levels Rose for 2010 Graduates | WiredAcademic. [...]

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