Those who graduated from college in the class of 2012 are sitting on a whopping average of $29,400 in student debt, according to a new report released today from The Institute for College Access and Success’s Project on Student Debt.
Student debt in the U.S. is large. So large in fact that since 2010, student loan debt topped credit card debt in the country, and in 2012 surpassed the $1 trillion mark. Based on TICAS findings, the student debt load is still growing. Seventy-one percent of students who graduated in 2012 left school with loan debt, up from 68 percent in 2008. In that same span of time, student debt rose by an average of six percent every year.
Black students are more likely than their white counterparts and other students of color to graduate with high debt loads. According to a 2010 College Board study, almost one-third of black students graduated with $30,000 in debt, compared with 16 percent of white students.