College Graduates Have Average Debt of $23,200

College fundWe go to college to make money in the long run. Sure, we eat Ramon noodles and Hamburger Helper for four years, but we know that after graduation, our money woes will be over and we can eat steak and drink the finest foreign bottled water every day.

Unless, you are like the average graduating college student, and owe $23,200 in student debt.

This figure is up 25 percent from only four years ago, according to The Project on Student Debt. And with the average cost of college tuition rising every year, this debt is also going to increase.

In the past, graduating with some debt wasn’t that big of a deal because you would get a good job right after college.
Unfortunately, this might no longer be the case.

The report also said that “employment prospects for young college graduates have soured along with the economy.”

By the end of this year, the unemployment rate for recent college graduates is expected to be almost 11 percent. This is a very dismal prospect for college students.

What can you do to avoid graduating with a huge amount of debt?

1. Apply for scholarships. Just because you are not in high school anymore doesn’t mean you can’t get a scholarship. There are many scholarships for college students. Check out EduInReview’s list of scholarships for more information about scholarships you might qualify for.
2. Consider getting a part-time job. Many students take out loans to pay for their living expenses in addition to their tuition. If you can get a part-time job, you can decrease the amount of money you will need from loans.
3. Take a few community college classes. Most community colleges offer classes that will transfer to other schools. Classes at community colleges are often cheaper than the same classes offered at universities. You can get the same college credit for a much cheaper price.

Try not to get too discouraged about the whole situation. There are things you can do to make your debt less than the national average. It just might take some extra work. But, hey, isn’t that what college is all about?

Via The New York Times

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