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College students graduate with an average debt of $29,400

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College graduation used to be a time of both celebration and some trepidation.

It was the end of all night study sessions for subjects like Calculus and English Literature. And there would be fewer parties to attend. The adult world beckoned and that meant getting a job, paying the rent and eventually marriage, children and a big mortgage.

Well now, that reality is hitting a little harder. A student's first mortgage may be his or her student loan debt. According to data just released by the Institute for College Access and Success, 71 percent of college seniors who graduated in 2013 had student loan debts. The average borrower had a student loan debt of $29,400 and from 2008 to 2012 the student loan debt increased by six percent annually, according to the Institute for College Access and Success.

What this means is that more and more young people are facing a tough time in getting established. It means they will have to wait longer to buy homes and start families.

"I can't believe how high student loan debts are. I just graduated with a student loan debt and I am having to work two jobs to pay it off," said Natalie Perez.

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