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Tuesday, December 05, 2023

2010 Wisconsin student debt 15th in United States

College seniors who graduated from UW-Madison with debt in 2010 now owe an average $22,872 in student loans, a new study reports.

The study, released Thursday by the Project on Student Debt, ranks Wisconsin 15th in the nation for highest debt.

The $22,872 price tag puts UW-Madison slightly below the national average. The report estimates the national average for graduated students’ debt at $25,250, up by 5 percent since 2009.

At $24,627, Wisconsin’s statewide debt figures come much closer to the national average, largely due to higher-cost private colleges such as Bellin College and Marquette University.

Within the UW System, Milwaukee’s 2010 graduating seniors face the highest burden with an average $25,312 in student loans.

The Project on Student Debt released the study shortly after President Obama announced a plan to reduce student loans.

The class of 2010 also has the highest unemployment levels for new college graduates in recent history at 9.1 percent, the report said.

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