Last year, I congratulated the Class of 2013 for being the most indebted class ever, with an average undergraduate student loan debt burden of $30,000. Compared to 20 years ago, this represented more than double the average undergraduate student loan debt burden. 70% of graduating students had student loan debt in 2013.
I told the Class of 2013 not to get too excited about this honor, as the Class of 2014 would likely eclipse their debt accomplishments. Turns out I was right!
The Class of 2014 has an average undergraduate student loan debt burden of $33,000, which is up 10% from last year. For those who care, that’s more than five times the rate of inflation, which is truly remarkable. As with last year’s class, approximately 70% of graduating students have some student loan debt, compared with 45% in 1993.
The way things are going, does anyone doubt that the Class of 2015 will seize the debt crown when they graduate?