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11 Facts About College Debt

  1. The state with the lowest student debt is Utah. The average debt in Utah is $15,509 with 44% of students in debt.
  2. The state with the highest student debt is New Hampshire. The average debt in New Hampshire is $31,048 with 74% of students in debt.
  3. The student loan balance now stands at $870 billion, surpassing the nation's $693 billion credit card balance.
  4. Americans had $870 billion in student loan debt in the third quarter of 2011. That's nearly $2,800 per American.
  5. Private school students can owe up to $35,000 more than public school students.
  6. From the 2001-2002 school year and to the 2011-2012 school year, FAFSA has received three times more applications for student loans, going from 3,000,000 to 9,000,000.
  7. In 2008, 84% of undergraduates had at least one credit card, up from 76% in 2004.
  8. 85% of students working toward pharmacy (undergraduate and graduate) have student debt, owing an average of $81,838.
  9. Only 50% of college graduates have full-time jobs.
  10. The average college student debt has increased to $25,250.
  11. 40% of adults above the age of 35 are still paying off student loans. 

Learn how to apply for financial aid. GO [1]

Sources: Huffington Post [2], Fin Aid [3], Bloomberg [4], ASA [5], The Atlantic [6], The New York Times [7], US News [8]

Education [9]
Financial Education [10]

Source URL: http://www.dosomething.org/tipsandtools/11-facts-about-college-debt

Links:
[1] http://www.dosomething.org/actnow/actionguide/how-apply-financial-aid
[2] http://www.huffingtonpost.com/2012/05/02/student-loans-college-debt_n_1468831.htm
[3] http://www.finaid.org/fafsa/fafsastatistics.phtml
[4] http://www.bloomberg.com/news/2012-07-09/indentured-students-rise-as-loans-corrode-college-ticket.html
[5] http://www.asa.org/policy/resources/stats/default.aspx
[6] http://www.theatlantic.com/business/archive/2012/05/the-student-debt-crisis-we-dont-talk-about/257146/
[7] http://www.nytimes.com/interactive/2012/05/13/business/student-debt-at-colleges-and-universities.html
[8] http://www.usnews.com/news/articles/2012/03/06/5-shocking-facts-about-student-loan-debt
[9] http://www.dosomething.org/cause/education
[10] http://www.dosomething.org/issues/financial-education