The average bachelor's degree holder owes about $29,200 in student loan debt — a record high in the U.S.
Chris QuintanaAbout 2 in 3 graduates from the class of 2018 graduated a little deeper in debt than the classes before them. The average bachelor's degree holder owes about $29,200 in student loan debt — a record high in the U.S.
"Millions of students continue to struggle with their debts," said the group's executive vice president, Debbie Cochrane. She credited states' investments in public colleges with the slower growth in debt loads. The Institute for College Success and Access collected data from about half of all public and private, not-for-profit universities for its report, and it says the figures represent more than 70% of all graduates. The debt loads vary heavily by region. Borrowers who attended college in the Northeast had the highest average debt, whereas those in the West graduated with the lowest. Connecticut had the highest average, $38,650, and Utah had the lowest at $19,750.
The slowed growth, he said, might be thanks to some families' abilities to pay for college after rebuilding some of their wealth after the recession. Unemployment is also low, which means people have jobs to help pay off their loans. Jason Delisle, a fellow at the right-leaning American Enterprise Institute, said he doesn’t expect that figure to change substantially, even with the introduction of increased financial aid at public colleges.
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