With college tuition prices continuing to rise, you might assume that college students are entering the real world with more debt on their shoulders. According to a new report, that assumption would be correct.
The latest annual student debt survey [PDF] from The Institute for College Access & Success (TICAS) found that nearly 7-in-10 (or 69%) of 2014 graduates of four-year public and nonprofit colleges owed an average of $28,950, up 2% compared to $28,400 in 2013.
It’s important to note that this study does not include debt rates for for-profit colleges because most choose not to report what their graduates owe.
In addition to the higher level of student loan debt, recent college graduates continued to face relatively high levels of unemployment in 2014, with the unemployment rate at 7.2% for graduates and 14.7% for consumers with only a high school diploma.
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