(Daily Ticker) Nearly two million students are graduating from college this spring, according to the National Center of Education Statistics (NCES), and many of them thousands of dollars in debt.
A recent Fidelity survey of 750 graduates found the average debt for the class of 2013 is $35,000. That’s a sizable sum considering that they’re graduating in an economy with a relatively sluggish job market.
They join the more than 38 million Americans who owe a total $1.1 trillion in student loan debt. Eleven percent of student loans were seriously delinquent—overdue at least 90 days—in the third quarter of 2012, according to the U.S. Department of Education.