“The Class of 2012 graduated with an AVERAGE financial hangover of $29,400.  In more expensive parts of the country like the Northeast, four-year degree students owed even more – almost $34,000.  We’re not just talking about a handful of students, either. More than 7 in 10 graduates had at least some debt when they got their degrees.  The growth in debt is far outpacing the growth in income, too, rising at a rate of about 6 percent per year over the past half-decade. All told, student loan debt now totals around $1.1 TRILLION. That’s almost quadruple the level of a decade earlier. It’s now the single biggest category of consumer debt outside of home mortgages.”

http://www.moneyandmarkets.com/congrats-grads-thatll-be-29400-61470

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