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Unemployment rate linked to high number of student loan borrowers
By Sam Craine on Sep 1st, 2010
Central Michigan University recently revealed statistics that showed that the average student graduated with a debt of $26,615 in 2009-10. This is a jump from the $24,236 average in 2008-09 and approximately 70 percent of students borrowed, according to the Office of Institutional Research.
Central Michigan Life, the university's online newspaper, reports that the average debt has increased by nearly $10,000 since 2005. Diane Fleming, associate director of scholarships and financial aid at the university, says that much of this can be linked back to parents who find themselves out of jobs. In July, the Labor Department reported that the national unemployment rate had hit 9.5 percent.
"Unfortunately, the concept is out there that somehow there will be money for my education," Fleming told the paper. "But the fact is that there is not enough free money in the country."
Recent graduates struggling with student loan debt can consider consolidation. By combining the owed money and taking out a loan with a low interest rate, borrowers can reduce their monthly payments.
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