06/26/2010 05:12 am ET Updated May 25, 2011

Gen Y Debt Burdens Increase As More Students Borrow (WATCH)

According to a new report from the College Board, only a third of bachelor's degree-seeking students don't take out loans to pay for their education.

BusinessWeek has more:

At for-profit colleges, 53 percent of the degree recipients in 2008 had education-related debt of $30,500 or more, compared with 24 percent at private nonprofit colleges and 12 percent at public schools, the New York-based College Board said in a report released today.

Seventeen percent of bachelor's degree recipients had loans of at least $30,500, enough to put them in the upper quarter of borrowers in terms of debt load.

This predicament could be linked with student spending habits. In this video from ABC World News Conversation, Sharyn Alfonsi speaks with Anya Kamenetz, Huffington Post blogger and author of "DIY U" and "Generation Debt," about how students today spend differently than preceding generations -- and how their economic future differs.


Are you or someone you know in debt from school? Tell us below -- or weigh in here.