Sorry, Recent Grads: The Class Of 2015 Has The Most Debt Of All Time
This year's batch of college graduates will be more in debt than any other class in history.
The title previously belonged to the class of 2014 and will most likely be bestowed to next year's graduates since college tuition is only predicted to increase.
According to The Wall Street Journal, the average member of the class of 2015 with a student loan will be slightly over $35,000 in debt.
If you factor in inflation, that number is still more than twice the amount of the average graduate's debt 20 years ago.
The total debt resulting from the class members' educations amounts to nearly $68 billion.
This data was reported by Mark Kantrowitz of Edvisors.
It's unfortunate that college costs are going up and the student aid, the grants, are not going up at the same rate on a per student basis. College is becoming less and less affordable, though it's still just as necessary.
Over 70 percent of students receiving complete undergraduate educations this year received student loans. Compare that to the 64 percent who received loans 10 year prior.
Kantrowitz's report also found about 17 percent of the class of 2015 paid for school with loans taken out under the names of their parents.
The average debt for parents who took out loans for their children in 2015 is $30,867, and that number is compared to $29,684 from the year before.