Tuesday, March 31, 2015

How Much Loan Debt is From Grad Students? More Than You Think

The largest changes taking place in student borrowing are happening among graduate students, Delisle says, who now owe $57,600 on average.
"When you combine that with unlimited borrowing at the grad level and then only make people pay for 10 years based on a small share of their income, it becomes clear, somewhat obvious to people who are borrowing to pay for school, they are really just borrowing money that will be forgiven," Delisle says.

Looking at the debt levels of law school students, for example, there was no significant change in the average amount of debt students graduated with between 2004 ($88,634) and 2008 ($90,052). But by 2012, the average spiked to $140,616, and the average monthly payment shot up from $760 in 2008 to $1,187 in 2012.

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