Recently, the Institute for College Access & Success (TICAS) released its tenth annual Project on Student Debt report focused on recent graduates of four-year colleges. Like previous TICAS reports, "Student Debt and the Class of 2014" provides a comprehensive overview of the student debt crisis by combining a bird's eye view of the national scope of educational debt with state-by-state data.
Here are a few highlights from the report:
- Student debt is still on the rise for new graduates. Sixty-nine percent of 2014 college graduates had student loan debt - the same amount from 2013. However, this year's class of college graduates averaged nearly $29,000 in educational loans, a two percent increase from the previous year. TICAS President Lauren Asher said, "Borrowers are graduating with a lot more debt than they did 10 years ago, and the Class of 2014's average debt is the highest yet." It is important to note that the data only shows student debt from public and nonprofit colleges - virtually no for-profit colleges reported what their graduates owe.
If you need help understanding your student loans or want to learn about debt relief options, download our free e-book Take Control of Your Future or listen in on one of our monthly webinars. We provide in-depth information about income-driven repayment plans and Public Service Loan Forgiveness to help students and graduates better manage their debt, so they can take control of their financial future.
Ashley Matthews is a Program Manager for Law School Engagement & Advocacy, managing the Student Debt and Student Engagement programs. Prior to joining Equal Justice Works, she worked as Communications Manager for Legal Services Corporation where she helped design strategies to increase congressional awareness of federally funded civil legal aid. She also led the digital content and communications team for PSJD.org, a public service initiative of the National Association for Law Placement (NALP). Ashley received her J.D. from the University of Miami School of Law.