A study released by the College Board Advocacy & Policy Center says almost 17 percent of 2008 graduates borrowed $30,500 or more to get their bachelor's degrees. Students at for-profit colleges were especially burdened with large debt. According to the study, 53 percent of the degree recipients at for-profit colleges had debt of $30,500. That's compared with 24 percent at private nonprofit college and 12 percent at public schools. To read the full study in PDF format, click here.
The study, which is based on the 2007-2008 academic year, also reveals that debt levels are more prevalent among black bachelor's degree recipients than other racial groups. The study found that 27 percent of black bachelor's degree recipients borrowed $30,500 or more, compared to 16% of whites, 14% of Hispanics/Latinos, and 9% of Asians.
One-third of all bachelor's degree recipients didn't have any education debt.
From the College Board study:
"Borrowing for college is a wise investment for most students, but it is difficult for students to estimate in advance how much they will be able to comfortably repay after they graduate. Too many students are among the minority who borrow amounts that are likely to cause them difficulties, particularly if their earnings are either below average or unusually event over time."
Have you had or are you experiencing debt woes from college? For more of our coverage on education, click here.