For the first time in American history, student debt outweighs credit card debt. Students across the nation are more than a trillion dollars in the hole.
A panel of financial aid directors and Board of Regents members met on the campus of the School of Mines & Technology on Thursday, to discuss student debt and financial aid.
According to a newly released report, South Dakota students are more likely to leave college with loans than graduates in any other state. Seventy-five percent of South Dakota’s class of 2010 graduated in debt. That’s compared to 42% of Wyoming graduates.
Financial experts say this trend is quite disturbing.
“As college becomes more expensive and the state provided less support to us, the cost to students increases and we’re concerned about that,” said Janelle Toman, Communications Director of the Board of Regents.
South Dakota ranks 25th in the nation as the average student owes $23,000 in debt at the time of graduation.