Study: Student Debt Sets Record
Written by Your 5News Team
Last updated on October 03, 2012 @ 4:51PM
Created on October 02, 2012 @ 6:57PM
With college enrollment growing, student debt has stretched to a record number of households. At least that's what a new study claims.
According to data by the Pew Research Center nearly 20 percent of families had some sort of college debt in 2010.
That's a 15 percent jump from 2007, which is the biggest increase in more than two decades.
Experts blame that leap on higher tuition costs and a rise in college enrollment due to the recession.
Because the economy is sluggish fewer students have been settle into fulltime careers right out of college.
Mitchell Sutton, a Junior at West Virginia University, told 5 News he switched his major from Music to Economics.
He said he thought it would give him a better chance at getting a job right out of college.
"I came to WVU as a music major," Sutton said. "I took one class and decided I like to eat. The job market for that isn't too abundant (for music majors). I decided to make the switch and so far I think I made the right decision."
The study sites another big reason for the jump is due to the face that richer families are digging deeper into their pockets to pay for private colleges, and low income families are looking for better paying jobs in order to pay for their kids higher education.
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