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Posted on December 30, 2009
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Education
Student Debt and the Class of 2008
College seniors who graduated in 2008 carried record amounts of student debt while being faced with soaring unemployment rates, according to a new report from the Project on Student Debt. The report, Student Debt and the Class of 2008 (12 pages, PDF), found that 2008 graduates carried an average of $23,200 in student loan debt, while unemployment for college graduates aged 20-24 climbed from an already challenging 7.6 percent in the third quarter of 2008 to 10.6 percent in 2009 — the highest third-quarter rate for this cohort during the decade. Students in the District of Columbia and Iowa graduated with the highest average debt levels — $29,793 and $28,174, respectively — while students in Utah had the lowest average debt at $13,041.
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