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Richmond, Va— Colleges and Universities across the country have been increasing the cost of attendance incessantly during the last several years. While the cost increases, graduates are finding it tough to land jobs and those who do, aren’t making as much money.
According to the US Department of Education, the average amount of debt for a college graduate sits at nearly $23,000, making the class of 2011, the most indebted in US history
If only those numbers referred to the purchase of a home. Rather, these are student loan debts, one of the few categories of borrowing that is still on the rise.
The amount borrowed per full-time student grew by 5 percent a year, adjusted for inflation, from 2000 to 2010, according to the College Board Advocacy & Policy Center.
On the flip side, more students are attending college, while need-based grants haven’t kept pace with increasing tuition rates. Kantrowitz expects the outstanding total of all U.S. student debt to top $1 trillion this year, he said.
Americans now owe more on student loans — roughly $1 trillion — than on their credit card balances.
I think the really important part of the article, is the fact that those who do go and graduate still have a hard time finding a job and making more money.