Recent college graduates are deeper in debt than people thought.
Yet, according to the findings of a brand new survey by Accounting Principals, recent grads are carrying closer to $40,000 in debt when other forms of consumer debt are factored in. That figures includes an average of $27,000 in student loan debt, and on average, most of them are making less than $45,000 a year with their starting salaries, meaning they don't have much to pay down those loans.
The good news is they are not ignorant of their debt. Approximately three quarters of graduates with student loans know their payment dates, 73 percent know the amount they owe, and 71 percent are aware of their current interest rate. However, less than a quarter of them can afford all their basic necessities, let alone bonus items like vacations, dining out, and shopping escapades.
For more info interesting details from the survey, check out the slideshow below:
The survey was conducted over the phone with 507 recent college graduates of four-year degree programs aged 22-26, fielded by Braun Research.