Sunday, May 13, 2012

Graduates, Shackled With Debt, Face Weak Economy

Posted By on Sun, May 13, 2012 at 10:01 AM

While hundreds of thousands of new graduates face a hobbling economy, they do so with extra burden of mounting debt. It's estimated that more than $1 trillion in student debt is shackled to new grads and current students.

According to this morning's New York Times, 94 percent of students who earn a bachelor's degree borrow to pay for higher education - up from 45 percent in 1993. For all borrowers, the average debt in 2011 was $23,300, with 10 pecent owing more than $54,000 and 3 percent more than $100,000, according to the Federal Reserve Bank of New York.

According to data compiled by the Institute for College Access and Success:

At Boise State, the average student loan debt of more than half of the school's graduates in 2010 was $23,594.

At the University of Idaho, the average student loan debt of more than than half of the school's graduates in 2010 was $24,396.

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