College grads' average debt exceeds $23,000

College grads' average debt exceeds $23,000

A group that tracks college loan debt yesterday served up some sobering news for students on two fronts.

The average debt nationally among graduating seniors with loans reached $23,200 last year, a sum that has grown by about 6 percent annually since 2004, according to The Project on Student Debt based in Berkeley, Calif.

And graduates saddled with those loans likely are having a harder time finding a job to pay them off, given a third-quarter 2009 unemployment rate of 10.6 percent for graduates 20 to 24 years old That's the highest national rate for that group in the 10 years data has been available.
Pennsylvanians at least can take comfort knowing their state does not carry the biggest average campus debt. That distinction fell on the District of Columbia, according to the Project's study of debt released yesterday.

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