Today’s college graduates are walking away from college life with more than their degree. Upon graduation, the average undergraduate has accumulated over $3,173 in debt (Sallie Mae, 2009)–and that’s on credit cards alone. Many find themselves in a bind–unable to pay their debt to creditors because they either do not yet have a job or do not make enough to manage the debt they have amassed.
Then there are the student loans. By the time the average college student graduates they have accumulated thousands of dollars in debt. In 2007-2008, the average student loan debt among graduating seniors was $23,186 (excluding PLUS Loans but including Stafford, Perkins, state, college and private loans).
We recommend students seek debt management help before they graduate for college.