Student Loan Debt Hits New High, Jobs At ‘Poverty Wages’

The class of 2012 has the highest student loan burden of any graduating college class in history, continuing a five-year trend of rising debt loads on millennials just coming out of school. The average student debt load made a big jump in the past year, from $26,600 in 2011 to $29,400 in 2012, according to the Project on Student Debt at The Institute for College Access and Success. It’s increasingly rare for students to get out of college without student loan debt. Of 1,075 private and public colleges, 42 reported that more than 90% of their graduating class are leaving college with some student debt – meaning the vast majority of their students had to take loans to graduate. Meanwhile, 122 colleges reported the average debt per student is more than $35,000. Overall, currently only three out of every 10 US graduates are graduating without debt.

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