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Sunday, November 23, 2014

Whackademia Quote: Graduating Magna Cum Debt

     The average amount of student debt per borrower in 2013, according to a study released on November 13, 2014 by the Institute for College Access and Success's Project on Student Debt, is $28,400…Matthew Reed, who directed the study, said the report aims to analyze increasing student debt averages for graduates with a bachelor's degree at a time when the cost of higher education is rising…

     "Debt varies from state to state and college-to-college so where you go to school can make a difference," Reed said. "It's something that prospective students should take a look at…Federal student loans come with protections such as fixed interest rates for the life of the loan, income based repayment programs, and public service loan forgiveness," Reed said. "These are not always available for private loans. Private loans are not a form of financial aid. They often have variable rates, and they do not have customer protections."…

     Kevin Long, a professor of economics at Boston University, said the rising averages of student debt is related to a combination of both poor labor market forces and increasing tuition costs….

"Recent Graduates Average $28,400 in Student Debt," The Detroit Free Press, November 17, 2014 

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