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Congrats, Class of 2013! You’re the Most Indebted Class Ever.

June 6, 2013 | Adam S. Minsky, Esq. Current Events

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Ah, graduation. A time for celebration and pride. A time for family and friends. A time to start paying back all those student loans. And the Class of 2013 has a lot to repay. Here are some sobering statistics:

  • The average student loan debt burden for a graduating college student with a bachelor’s degree is now $30,000. That is the highest amount ever, and more than double what it was 20 years ago.
  • Total student loan debt in the country is now estimated to be $986 billion, a huge increase over just the past few years. In fact, total student loan debt has tripled over the past decade.
  • 70% of students graduating in 2013 are graduating with debt.

Don’t worry, it’s not all bad news. Unemployment rates for recent graduates are the lowest they have been since the Great Recession began. And the Class of 2013 is unlikely to hold the distinction as “most indebted” for long, since it is widely expected that the Class of 2014 will eclipse these accomplishments.

To read more about these numbers, click here, here, and here.

And if you are a recent graduate, check out my article that provides some tips for graduating student loan borrowers.

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Current Events

About Adam S. Minsky, Esq.

Adam S. Minsky founded the first law office in Massachusetts devoted entirely to assisting student loan borrowers, and he is one of the only attorneys in the country practicing in this area of law. He provides counsel, legal assistance, and direct advocacy for borrowers on a variety of student loan-related matters. He regularly speaks to students, graduates, and advocates about the latest developments in higher education financing.

Books by Adam S. Minsky

The Student Loan Handbook for Law Students and Attorneys

The Student Loan Handbook for Law Students and Attorneys

Student Loan Debt 101

Student Loan Debt 101: The Definitive Guide to Understanding and Managing Your Student Loans

Student Loans for Parents and Cosigners

The Student Loan Guide for Parents and Cosigners

617-936-2788
asminsky@minsky-law.com
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Boston, MA 02110

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