How does college debt affect America?
Adrienne Lu of Stateline recently noted a 2 percent rise in the number of college graduates with debt since 2008, putting the 2012 rate at 70 percent. She said,
“Seven in 10 students who graduated with bachelor’s degrees in 2012 had student loan debt, with an average debt of $29,400, according to a report from The Institute for College Access & Success (TICAS).”
Average debt by state ranges from a Delaware high of $33,649 to a New Mexico low of $17,994.
Department of Education officials are looking into creating a college rating system for students by 2015 based on average tuition and average student debt per institution.
Students lately have been paying a larger percent of tuition because of slowing federal financial aid. President Obama has called for better college access and affordability.
But could government attempts to make college more affordable have helped drive prices up in the first place? How will these debt burdens affect students’ ability to start making their way in the world? Is it wise for students to take on so much debt—and for that matter, for the government to pick up part of the tab, when it is already trillions of dollars in debt?
>>Source: Lu, Adrienne. “Student Debt up in 2012.” Stateline. The Pew Charitable Trusts. 4 Dec. 2013.