University of Virginia

Student Debt Continues to Rise

The good folks at The Project on Student Debt have released student loan numbers for the Class of 2013 and we see a mixed report. A few takeaways:  70% of the Class of 2013 had student loan debt; the average loan amount for that group was $28,400; averages and percentages very significantly across states. Virginia students were right in the middle: 59% of students had debt, and the average amount was $25,780.

Faced with these debt levels upon graduation, it’s important that recent graduates get their financial lives in order right away.  Choosing the correct repayment plan is part of that process, as well as making a sensible spending plan that allows them to enjoy their new life while planning for the future.

The report can be found in its entirety here.