The Project on Student Debt, an initiative by the non-profit research group the Institute for College Access & Success, recently released its fifth annual report on student loans.
The results are sobering.
According to the report, the average student debt of those who graduated in 2009 is $24,000. This figure is a 6 percent increase from 2008.
Ohio students graduate with an average of $25,842 in loan debt, ranking Ohio #9 in the nation for the amount of debt accumulated by college students.
Approximately 66 percent of college students in Ohio graduate with some debt, the report says.
Unfortunately, the unemployment rate for those under 25 years of age is 18.8 percent, according to The Bureau of Labor and Statistics.
College students often borrow more than they need to cover other costs during the college years. Many students use the extra loan money to purchase books, pay rent, buy gas or cover the cost of food.
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