(NEW YORK) — The burden of debt for college students who take out loans continues to rise, according to a new report out Thursday.
“Two-thirds of new graduates had loans and their average debt was $26,600 dollars for the class of 2011,” says Lauren Asher, president of the California-based Institute for College Access and Success.
She says average debt for college students who graduated last year rose more than $1,000, compared to the year before.
“College costs have outstripped both family incomes and available grant aid now for quite awhile and that shows up in more and more debt,” Asher says.
By some estimates, student loan debt in the U.S. has grown to over $1 trillion.
Copyright 2012 ABC News Radio
Brian Stelter, CNN Money
Chris Isidore and Robert Mclean, CNN Newswire