Magazine article Black Issues in Higher Education

Many Graduates Face Unmanageable Debt, Study Says

Magazine article Black Issues in Higher Education

Many Graduates Face Unmanageable Debt, Study Says

Article excerpt

WASHINGTON

An estimated 39 percent of student borrowers are graduating with unmanageable levels of student loan debt, according to "The Burden of Borrowing," a new report by the State PIRG's Higher Education Project. The analysis, based on data from the Department of Education's National Postsecondary Student Aid Study, also shows that the average debt among student borrowers has nearly doubled in the past decade to $16,928.

State PIRGs are nonprofit, nonpartisan public interest advocacy groups. The complete report can be found at .

Unmanageable debt is defined by a loan industry recommendation that monthly student loan payments not exceed 8 percent of a borrower's monthly income. The analysis was based on data from the 2001 U.S. Census, which listed the average income of 18 to 24-year-olds with bachelor's degrees working full-time and year-round in 2000 at $32,101.

"Too often debt burden becomes a ball and chain for student borrowers after graduation. Many student borrowers are taking on unmanageable levels of debt to finance a higher education," says Tracey King, the State PIRGs' higher education associate.

The report also found that some groups of students are disproportionately likely to face debt burden. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.