A report (issued by a college savings business, caveat lector) says that the US graduating college class of 2015 has more debt than any other class in history.
They're carrying an average of over $35K each — a total of over $68B.
Education is more expensive than ever, more students are taking out loans than ever, and there are fewer grants and bursaries than ever. Oh, and parents are having to contribute more money to their kids' education than ever. Good times!
Parents also are kicking in a big share of college costs. Mr. Kantrowitz's analysis shows that among parents taking out loans to pay for a child's education, average debt crept up to $30,867 this year from $29,684 in 2014. About 17% of graduates have parents with loans out on their behalf.
All together, total education debt–including federal and private education loans–will tally nearly $68 billion this year for graduates with a bachelor's degree and their parents, Mr. Kantrowitz estimates, a more than 10-fold increase since 1994.
Congratulations, Class of 2015. You're the Most Indebted Ever (For Now) [Jeffrey Sparshott/WSJ]
(Icon: 110,000 Throughout Ireland Protested Against 64 Billion Euro Bank Debt – Were You There?,
William Murphy, CC-BY-SA)