Institute for Financial Literacy

Institute for Financial Literacy

More College Graduates are Filing Bankruptcy Now than Ever Before

Students go to college to learn more about the world around them, learn a trade or profession, and the end goal is to get a job that will allow them to pay the bills.

Unfortunately, with the job market in such a dismal state, this is not the reality that is awaiting many recent college graduates. Instead, they are graduating with more debt than ever before and, without a job to help them pay off their debts, many students are now seeking protection from their outstanding debts by declaring bankruptcy.

According to a survey released by the Institute for Financial Literacy, the percent of college graduates who have earned a bachelor’s degree and owe some sort of debt has increased from 11.2 percent in 2006 to 13.6 percent last year. Interestingly enough, the percentage of those who have not finished college or who only have a high school diploma and are in debt has decreased.

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