The Project on Student Debt at the Institute for College Access & Success (TICAS) released a study entitled Student Debt and the Class of 2013. This is their annual report on the total student loan debt of recent graduates from four-year colleges.
The study shows that student debt is still on the rise for those with a bachelor’s degree. Last year, roughly 69% of graduating seniors at public and private nonprofit colleges took out student loans. On average, these borrowers owed a combined $28,400 in federal and private loans. This is an 2% increase from 2012.
The Project on Student Debt hopes to find a solution to the rising debt levels and bring America’s student loan debt burden to the forefront. “Debt at graduation varies greatly by state and by college, and this report includes average debt levels for each state, lists of notably high- and low-debt colleges, and links to data for more than 1,000 colleges nationwide. It also includes policy recommendations for reducing the burden of student debt,†say the researchers in a written statement.
Research findings:
- In both years, about one-fifth of new graduates’ debt was in private loans.
- At the state level, borrowers’ average debt at graduation ranges from $18,656 to $32,795, with six states topping $30,000 and only one under $20,000.
- Nearly all the highest debt states are in the Northeast and Midwest, with the lowest debt states in the West and South.
Go here for the full report.