Bad news for millennials: the average U.S. student loan debt amount has increased yet again, Consumerist reports.
A recently released study by The Institute for College Access & Success found that nearly 70% of students graduate with an average loan debt of $28,950, up 2% from 2013 levels. In the 10 years from 2004 to 2014, the average student debt rose by 56% from $18,550 to $28,950, according to the study.
“Despite rising debt levels, a college degree is still the best path to a job and decent pay,” said Debbie Cochrane, the TICAS research director, in a statement. “For students who don’t graduate, loans are much harder to repay. Even a small amount of debt can be burdensome if you have limited job options.”
Additionally, students graduate with high levels of unemployment, including a 7.2% unemployment rate for recent college grads and 14.7% for those with just a high school diploma, according to Consumerist.