Loan Debt Is Focus of 2 New Reports
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Student advocacy groups published two studies Tuesday that draw attention to student loan debt at a time when the economy -- and their job prospects -- are imperiled. The Project on Student Debt released "Student Debt and the Class of 2008," which finds that the average senior who had college loans graduated last spring with $23,200 in debt, at a time when his or her odds of landing a job were at long-time lows. The group also published a state-by-state map with detailed borrowing and other information by college. Meanwhile, U.S. PIRG and several other groups issued a briefing paper that, citing concerns about private student loan debt, urges Congress to pass legislation to create a Consumer Financial Protection Agency, which has been embroiled in controversy over proposed exemptions for for-profit colleges that make loans to their students.