Right about now reality is hitting 2017 grads.
By the way, the only way to really get at the heart of the problem is to cut student loan programs. All the easy money has inflated the cost of education. But the universities don’t want that and prospective students are afraid they’ll be left out in the cold. So I guess we’ll keep on with the current silliness.
Over the past decade, student loan debt has skyrocketed, increasing by more than 250 percent across the U.S., according to a new report by consumer spending site ValuePenguin. That adds up to more than $1.4 trillion in collective debt.
The site reports that, “between 2004 and 2014, the U.S. saw an almost 90 percent increase in the number of student loan borrowers, in addition to a nearly 80 percent uptick in average balance size.” The average amount of debt per borrower nationwide now is $26,700. In some places graduates owe much more — or less.
ValuePenguin ranked each state according to the average amount of debt per graduate using data from The Institute for College Access & Success. These are the 15 states where the average amount of student debt is the lowest.