Recently, the Project on Student Debt (“the Project”) released new information about the financial status of new college graduates. The Project found that student debt and unemployment were at historic highs for the class of 2010, the most recent college graduates for whom data is available.
Nationwide, the class of 2010 had an average of $25,250 in student loan debt. Recent college graduates aged 20 -24 had an unemployment rate of 9.1%. That is the highest unemployment rate on record for this demographic and up .4% from the 8.7% unemployment rate in 2009.
How Does the Debt of Minnesota College Graduates Compare to the National Average?
2010 graduates from Minnesota’s public and private colleges were among the worst off in the nation when it came to student loan debt. These graduates ranked 4th in the country in terms of highest average debt. 2010 Minnesota college graduates carried an average debt of $29,058 each. They also ranked 5th in the nation with respect to the greatest percentage of graduates graduating with debt. 71% of students who graduated from colleges in Minnesota during 2010 carried student loan debt.
According to the Project, the 2010 Minneapolis College of Art and Design graduates carried the highest amount of student loan debt among Minnesota colleges. On average, Minneapolis College of Art and Design graduates had more than $44,000 in student loan debt on graduation day and 88% of them carried student loan debt.
Our Minneapolis bankruptcy lawyers understand the pressures of student debt and wish all graduates of Minnesota colleges an easy financial start to their post-graduate lives.