Average Student Loan Debt And Unemployment Rate Grows
More young adults are graduating from college with higher student loan amounts and no job in sight, according to the latest study by the Project on Student Debt.
The data shows the average student who graduated college in 2009 came out owing $24,000 in student loans, an increase of 6 percent from 2008. Unfortunately, the job prospects for the class of 2009 were not especially high either, as the unemployment rate for graduates climbed from 5.8 percent in 2008 to 8.7 percent in 2009.
"With student debt rising and jobs hard to come by, it's more important than ever to shop around when deciding where to go to college," Institute for College Access & Success president Lauren Asher said. "Differences in the kind of debt students graduate with matter, too. Income-Based Repayment and other programs can help you manage your federal student loan debt, but if you have private student loans, you're really at the mercy of your lender."
Individuals facing a large amount of student loans should consult with their lender to find affordable repayment options, as debt relief through bankruptcy is not an option for student loan balances.
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