Average Student Debt Hits Record High in 2010: $25,250

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Average Student Debt Hits Record High in 2010: $25,250 A report released on Thursday by the Institute for College Access & Success's Project on Student Debt shows that members of the class of 2010 who took out loans to finance their educations owed an average of $25,250 in student debt at graduation -- a 5% increase from the year before.

The data were compiled from more than 1,000 colleges -- half the country's public and private nonprofit four-year schools. According to the report, only five out of 471 for-profit colleges reported student debt data for their 2010 graduates. Had profit-making schools been included, The New York Times reports, the "average amount of debt would be even higher," since at these colleges, "almost all students take out loans and, according to federal data, borrow about 45 percent more than students at nonprofits."

The report blamed difficult economic conditions and increasing costs of tuition for the record level of student indebtedness: "Most students in the Class of 2010 started college before the recent economic downturn, but the economy soured while they were still in school, widening the gap between rising college costs and what students and their parents could afford." The report did not include loans taken out by parents in its calculations.

In all, about two-thirds of seniors graduating in 2010 carried student debt. The class of 2010 "also faced the highest unemployment rate for young college graduates in recent history at 9.1%," the Institute noted in its press release.

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Sky Fairlane

Regarding unemployment and debt:

If you’re unemployed or under employed, chances are you are not going to be able to pay your way. People are

getting arrested for their unpaid debts in six states. And collection agencies are behind it. A petition has been

started on moveon.org to prevent the return of debtor’s prison in the USA. Once enough signatures are obtained,

it will go to the US Congress and President Obama.

To sign the petition go to

http://signon.org/sign/outlaw-the-return-of

February 13 2012 at 2:04 PM Report abuse rate up rate down Reply
asglir

We subsidize education and the price goes up......we need to put a lid on these colleges and demand that if they take gov money of any kind they be audited and not only forced to explain ridiculous cost increases but to find ways to decrease the cost. They are a more protected lobby than oil, medicine and labor. With the internet it should be easy to take courses? Where does the money go anyway? There should be alternatives to college taht can lead to good careers.

November 04 2011 at 12:34 PM Report abuse +1 rate up rate down Reply
dabrownman

The reason costs go up for education in this country at the university level is because they are a monopoly, way more people apply than can get in, Universities do not have to answer to anyone for their spendthrift and wasteful ways.

SO when a maker of a product has no competition, does not have to answer to anyone for overspending and waste and the available supply is severely limited you get increases in cost every year that far higher than inflation. Plus Marxists posing as socialists are running the show so it is bound to be the worst thing possible with little freedom or accountability.

The US government is another fine example . They actually spend 40% more than they take in (unlike the Universities) and 50% of their constituencies are now totally and completely dependent on them and have become their slaves - thanks to universities creating more Marxist and socialists every day.

When it gets really bad socialists won't allow you to vote on what happens to you - just like the Greek President and elected officials refused to allow their citizens, at the place of the birth of democracy, to vote on the pro[posed solution to their spendthrift and wasteful ways where 50% of the population ended up working for the government in union jobs while rioting in the streets to keep the unsustainable private funded, public gravy train flowing !

November 04 2011 at 11:50 AM Report abuse -2 rate up rate down Reply
dabrownman

$25,000 is not a lot of debt. Barny Frank Chris Dodd and the rest of the Marxists posing as socialists in congress forced banks to give $200,000 home loans to democrats who didn't have jobs, were on welfare but voted for them. Their failure to pay these loans back caused the rest of us to nearly become bankrupt financially. Trillions of dollars of real wealth was wiped out by these fools. We would have been way better off to give each of these folks $25,000 cash instead.

November 04 2011 at 11:34 AM Report abuse -1 rate up rate down Reply
dabrownman

They ran up debts that are 1/2 of the cost of their BMW while being in school an average of 6 years for a 4 year program, getting a 2.5 GPA in their psychology major with 2 minors in anthropology and Tibetan Art and Literature. They need to pay for their mistakes rather than having me pay for them. People who never went to college and are their age are way ahead of them since these graduates are basically unemployable, $25,000 in debt, and protesting on Wall Street shortly.

November 04 2011 at 11:29 AM Report abuse -1 rate up rate down Reply
jlm9

The Wall Street protesters should add student loans to their efforts..the young of this country will be in debt forever..just for an education..interest rates go up, the debt never decreases and with few jobs in sight, this is a real problem..

November 04 2011 at 6:41 AM Report abuse rate up rate down Reply
Joe

Why shouldn't Universities jack up their tuition? How else are they going pay their football coach several million dollars a year? It's simple supply and demand, .....demand is up so they can jack up their fees. Plus they have the guv'ment tossing around E-Z credit to anyone who gets accepted. Man, this sounds just like the mortgage business all over again.

November 04 2011 at 12:40 AM Report abuse +2 rate up rate down Reply
Joe

I think it's funny. These lib professors are making a ton of dough while many of them preach their liberal nonsense to these unsuspecting youngsters who don't have a clue yet. Then they graduate in a ton of debt and start yelping and yapping because they thought they had it made. What they really did was party for 4 or 5 years while taking some worthwhile classes and quite a few that were a complete waste of their time and money. How many of you college "grads" out there have ever used anything from your statistics class? I would say I can't even remember 3/4 of the classes I took. Unless you have a licensed professional degree such as medicine, engineering, law, etc. most businesses are either product or service oriented and don't require a degree to get the "license" to operate the business. You can learn most of what you need to learn on the job. What I'm saying is that college is fun, you do learn things, but once you graduate don't go around thinking wow I'm some kind of smart educated person because you aren't. You are now in the real world and the person next to you may have 10, 20 , 30 years of real world experience. Your 4 year college degree only got you in the door, but you probably know little about anything related to doing anything. My point is that if you come up with a good idea for a business you really don't need college, although it can be a pretty good time to hang out for 4 years I'll admit that. Having a ton of debt at the end doesn't guarantee you anything though, just understand that.

November 04 2011 at 12:33 AM Report abuse -1 rate up rate down Reply
1 reply to Joe's comment
trbgd

You are 99% correct. Most college degrees are worthless. Best case senario the 4 and 5 year degrees the schools are "selling" should be obtained in two and 3 years at the most. Other than Medical, engineering, accounting etc.. the knowledge obtained from other degrees is never used at all in the real world..

November 04 2011 at 10:51 AM Report abuse +2 rate up rate down Reply
jaguar6cy

Colleges have been taken hostage by the greed of socialist professors and administrators. They want to get their money from the debt and misery of others, their students. Students should take back the campuses today and refuse to pay any more tuition or fees until fair tuition rates are set for all.. HTN or "Half Tuition Now" is the wave of the academic future. Rise up now because it is time to occupy.

November 03 2011 at 11:23 PM Report abuse +1 rate up rate down Reply
lmart10452

The people and the government of Greece, as well as all of the other countries, including the United Sates, should learn to live within their means...I hope it is not too late to bring our fiscal house into balance?

November 03 2011 at 10:35 PM Report abuse +1 rate up rate down Reply