AMHERST, Mass. (WWLP) – Thousands of college students graduated over the weekend, and according to new statistics, they’re facing a lot of debt.
5,500 students graduated from UMass on Friday, and many of them are graduating with significant education debt.
According to the Federal Reserve, federal loans are getting more expensive. They’ll be up about 5% for the next school year.
For those college students that haven’t graduated yet, student loan debt is hard to not think about.
Nicholas Shalayda of Hebron, CT, told 22News, “It’s something every college student thinks about. For me personally, it’s more about the experience. I have the whole rest of my life to pay that off.”
According to the Institute for College Access and Success, Massachusetts ranked 7th in average student loan debt in 2015, at about $31,000. The average student loan debt was higher at Springfield College, at $40,000. At Western New England University, it was $44,000.