Balances on Student Loans Went Up for Those Who Left College in 2015

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Balances on Student Loans Went Up for Those Who Left College in 2015

Oct, 19th 2016

The average debt for college students who graduated with student loan balances rose 4% last year, working out to $30,100 for the class of 2015, according to the 11th annual analysis of student debt by TICAS, The Institute for College Access and Success, based in Oakland, Calif.

While the vast majority of student loans -- all but roughly 10% -- come from the federal government through the U.S. Department of Education, about 20% of the dollar amount came from non-federal private loans, from banks such as Discover or Wells Fargo and non-bank lenders such as Navient, formerly known as Sallie Mae. Private loans are generally more expensive and provide fewer consumer protections than their federal counterparts. Nearly a third of graduating seniors left college with no student loan debt.

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