Three in ten US college graduates graduated without debt in 2013, this according to a new report by the Institute for College Access and Success (TICAS). The remaining seven in ten (69%) graduated with an average debt of approximately $28K.
In order to graduate debt-free, experts recommend a number of actions that a student can influence, such as:
- Earn college credits through advanced-placement courses while in high school
- Attend a two-year local community or career college instead of a larger Ivy League type institution
- Cut your daily expenses to the bone and spend your initial college years living at home or in shared accommodations and paying much cheaper rates
- Work year-round, even if it’s part time hours, and apply diligently for scholarships and bursaries
Research continues to underscores the strong employment and earnings prospects for those with college degrees. On average, four-year college graduates continue to experience far less unemployment and earn higher salaries than their counterparts with only a high school education. The unemployment rate for young high school graduates in the US was 16.5 percent in 2013, more than double the rate for young college graduates.