(NYTIMES) — The average student-loan debt of borrowers in the college class of 2011 rose to about $26,500, a 5 percent increase from about $25,350 the previous year, according to a report by the Institute for College Access and Success’s Project on Student Debt.
The project said that about two-thirds of those who earned bachelor’s degrees last year had loans. About one-fifth of the debt was from private student loans, which have fewer consumer protections and repayment options than federal loans.
Although federal data show that graduates of for-profit colleges are far more likely to borrow, and borrow more, than those who attend other types of colleges, the report’s findings focus only on public and nonprofit colleges, because only nine for-profit colleges (less than 2 percent) reported the necessary figures.
Advertisement - story continues below