Student Debt on the Rise Again: Two of every three college seniors graduated with loan debt in 2010, with the typical borrower owing $25,250 and students at some historically Black institutions facing higher repayments, new research shows.
The sixth annual report on graduates’ borrowing from The Project on Student Debt showed that average debt continued to rise for those who completed studies at a four-year public or private non-profit institution. With the students and their families facing a challenging economy, average debt among graduates increased by 5 percent from 2009.
Budget reductions at the state level also likely contributed to the additional borrowing. “State budget cuts led to sharp tuition increases at some public colleges, also increasing the need to borrow,” the organization said in its report, Student Debt and the Class of 2010.
