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%).
October 27, 2015