A record high in student loan debt has been made this year with Minnesotan students deep in the red.
The collegiate class of 2011 graduated with an average student debt of $26,600, reported the Star Tribune, according to a report released by the Institute for College Access and Success, a Californian nonprofit organization. Graduates of Minnesota's four-year universities had an average debt of $29,800 in student loans, the third highest in the nation.
This high level of student debt is due to a decrease in funding from the state offices, said MSUM President Edna Szymanksi in an article from WDAY Channel 6 News. MSUM is attempting to help indebted students by referring them to community colleges, focusing on early graduation, and helping them choose successful careers.
Roughly 71 percent of Minnesota graduates took out student loans, according to the ICAS report. It's the fifth highest number nationwide, reported the Star Tribune. But Minnesotan students are more likely to repay their loans, said Tricia Grimes, a policy analyst at the Minnesota Office of Higher Education, to the Star Tribune, with a three-year default rate of 9 percent.