Friday, May 24, 2013

New college grads are waking up to a huge debt hangover

Seventy percent of students in the college class of 2013 are graduating with an average of $35,200 in credit and student loan debt. Only 30% are graduating debt-free.

If they had a better understanding of debt when starting college, 39% said they would have made different choices. That's a 14% jump from the same survey in 2011.

Likely thanks to the crushing blow of the Great Recession, more students said they considered the "hireability" factor of different majors –– 57% said they picked their major based on their prospects of finding a high-paying job.

When it comes to paying for college, the earlier you start to strategize and save, the better. There are useful tools out there, many of which can be found at the Consumer Financial Protection Bureau's website, which has a page just for students.

For pre-college students, check out their guide to paying for college.

For new graduates saddled with debt, check out this guide on how to start paying off your loans.

Business Insider