Student Loan Debt Averages $28,950 for Class of 2014 Debt Levels Rose More than Twice as Fast as Inflation Over Last Decade
Student debt is still rising for new graduates. At public and nonprofit colleges in 2014, seven in 10 graduating seniors (69%) had student loans. Their average debt was $28,950: up two percent compared to the Class of 2013. About one-sixth of 2014 graduates’ debt (17%) was in private loans, which are typically more costly and provide far fewer consumer protections and repayment options than federal student loans. Because hardly any for-profit colleges voluntarily report their graduates’ average debt, the report’s new debt figures are for public and nonprofit colleges, which award the vast majority of four-year degrees (94%).
