Going to college is saddling more young people with a higher debt load with no guarantee that they will get a good-paying job after they graduate.
U.S. college students graduating in 2012 owed an average of $29,400, an increase of 6 percent over graduates in 2008, said a report from the Institute for College Access & Success, an Oakland, Calif., nonprofit group. For many the debt load stretches to six figures.
But many young people struggle to get a job, let alone one that pays well in their field. The unemployment rate for young people is in the double digits compared with about 7 percent for the country overall.
Those who do find work often have to settle for minimum wage, which won’t help them pay down student loans.