Students are graduating from college with an ever-increasing amount of student loan debt, a study from a nonprofit education group shows.
Two-thirds of all students who graduated college last year owed money for loans, and those that did held an average loan debt of $25,250, according to data from the nonprofit Institute for College Access and Success. That represents a 5% increase over the average student loan debt in 2009.
The average student loan debt shot up by 5% in 2010 and is now approaching the $30,000 mark in several states.
As bad as that may sound, the actual average debt per student might be even higher, as the report factors in only data from four-year public and private nonprofit colleges and not from for-profit institutions, which often have higher tuition costs.