Class of 2013: Most indebted class ever
While the Class of 2013 has better job prospects than classes from the previous few years, they’re also carrying more student debt than any other previous class.
Average student loan debt has doubled
According to a Wall Street Journal report, the average student loan debt for a borrower who received a bachelor’s degree in 2013 was $30,000. Even adjusting for inflation, that’s double the average debt burden of a college graduate from 20 years ago.
With tuition continuing to increase, this number is likely to rise each year and the class of 2013 won’t hold the “most indebted” title for long. But we’re hopeful that recent reforms introduced by government officials to lower interest rates on student loans will help student debt level off rather than continuing to increase rapidly.
Start paying back your loans now to save later
If you’re a member of the class of 2013, it’s not too early to start repayment. Remember, your unsubsidized loans have been accruing interest since you took them out, so it’s best to start paying these back right away. For help paying back your student loans, check out our repayment strategies, follow us on Twitter @CFGCollege, or send us a message for personal, confidential assistance.