At $23,358, the average debt load taken on by those who earn a bachelor’s degree in Louisiana is the 10th lowest in the nation, according to a new report released this morning by The Institute for College Access & Success.
Across the U.S., roughly seven in every 10 college graduates last year graduated with some debt, with the average debt being about $5,000 higher than the Louisiana average, at $28,400. That marked a roughly 2% increase over the average debt for American graduates the year previous.
New Hampshire graduates had the highest average debt load last year, at $32,795, while the report says New Mexico had the lowest average, at $18,656. The report, “Student Debt and the Class of 2103,” draws upon figures from public and nonprofit colleges and universities, “because virtually all for-profit colleges decline to disclose graduates’ debt,” the institute notes.
The report says recent college graduates still face a tougher job market today than before the recession, with the 2013 unemployment rate among graduates at 7.8%. But it also notes the unemployment rate among college graduates was less than half the rate for those who only have a high school degree.
“A college degree is still the best path to a job and decent pay, and while loans are increasingly needed to get through school, graduating with burdensome debt is not a foregone conclusion,” says TICAS President Lauren Asher in a prepared statement. “Where you go to college matters, and the kind of loans you have matter, too. Federal student loans come with crucial consumer protections like income-based repayment plans, while private loans offer little or no relief if you hit a rough patch.” See the full report.
Earlier this year, LSU released statistics showing in fiscal year 2013-14, LSU’s tuition and fees were 17% below the anticipated Southern Regional Education Board peer average of $9,476. The stats also showed that the average LSU graduate paid about 13% less toward student loan repayment each month than their peers across the country. —Steve Sanoski
