New Report: The Class of ’09 Majored in Borrowing

Barry Lenson

New Report: The Class of ’09 Majored in Borrowing

“Student Debt and the Class of 2009,” a new report from the nonprofit Project on Student Debt, reports some stiffening statistics about student borrowing in America.

Some highlights . . . 

  • Did you know that students are borrowing more every year? College seniors who graduated in 2009 from four-year public and private American universities carried an average of $24,000 in student loan debt - up six percent from the previous year.
  • Did you know how scarce jobs are for recent grads? The unemployment rate for recent college graduates rose from 5.8 percent in 2008 to 8.7 percent in 2009. That’s the highest annual increase on record. Clearly, lots of recent grads are going to have a hard time repaying what they owe.
  • Did you know that students in the Northeast borrow the most money? The high-debt states are concentrated in the Northeast, while low-debt states are mainly in the West.
  • Did you know that graduates of lower-priced colleges can still emerge in deep debt? Yes, it's true that graduates of more expensive colleges generally graduate with higher average debt. But there are also cases where students who  graduate from lower-tuition colleges owing a ton of money.

Yet there are good signs . . .

Colleges are looking for ways to help students reduce their borrowing.  Some of them - such as The California Institute of Technology, Claremont McKenna College, Princeton University and Williams College – have introduced reduced-loan financial aid packages that enable students to graduate without owning more than $10,000 in student load debt. But such programs are new – and still relatively scarce.

And then, there’s StraighterLine – the most powerful educational cost-cutter on the scene today.  If you’re determined to graduate from college without owing a ton of money, why not try out a FREE college course today?

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