Average student debt for the Class of 2012: $29,400
Excerpt from overview (emphasis DSC):
Student Debt and the Class of 2012 is our eighth annual report on the cumulative student loan debt of recent graduates from four-year colleges. Our analysis finds that the debt levels of students who graduate with loans continue to rise, with considerable variation among states as well as among colleges.
Seven in 10 college seniors who graduated in 2012 had student loan debt, with an average of $29,400 for those with loans. The national share of seniors graduating with loans rose in recent years, from 68 percent in 2008 to 71 percent in 2012, while their debt at graduation increased by an average of six percent per year. Even though the financial crisis caused a substantial decline in private education lending while these borrowers were in school, about one-fifth (20%) of their debt is comprised of private loans, which are typically more costly and provide fewer consumer protections and repayment options than safer federal loans.
From DSC:
I think this speaks for itself…so I won’t elaborate much. I just wanted to use this new piece of data/evidence to say that:
1) This illustrates why there is such intense interest in MOOCs and other means of obtaining a credential, a certification, and/or any other means to make a living without having to go into a massive amount of debt.
2) There is danger in the status quo; I can’t help but wonder if the bubble has popped already at many colleges and universities — as seen by the increased amount of aid being given and the declining revenue per student that’s often the case these days.