Average student loan debt rises to $29,000
According to a report released Wednesday, the average student loan debt for a member of the class of 2012 was $29,000, up from $26,600 in 2011.
The study from The Institute for College Access & Success’s Project on Student Debt found that this increase followed recent trends, with student loan balances for new graduates rising at an average rate of 6% per year from 2008 to 2012.
Student loan debt by state
Average loan debt varied by state. In Minnesota, the average 2012 college graduate had $32,698 in student debt, while students in New York carried an average loan balance of $25,537.
Rising college tuition, shrinking incomes
This news doesn’t come as much of a surprise, considering that most colleges across the country have increased tuition and fees every year, while families’ incomes have been shrinking. This has forced students to take on more and more student loan debt to pay for college.
Still, it’s disturbing news to those who need financial aid to pay for college, as it shows that students’ and families’ ability to pay has been decreasing each year.
And unfortunately, with college costs continuing to rise, it’s likely that the average debt load will be even higher for the class of 2013.
Managing student loan repayment
Paying student loans is never easy, but there are ways to manage your student debt and lower your monthly payments if you’re struggling with repayment. It’s important to find the best repayment plan possible for your situation.
If you have any questions about managing your student loans or want a free consultation about how to pay back your debt, give Rick and Andy a call at 1-888-234-3907 or fill out this form and we’ll get in touch as soon as we can.