Minnesota ranked sixth in nation for high college debt

Last year, college students in Minnesota graduated with an average of about $25,000 in debt, The Star Tribune said.

This means the state has the sixth highest debt in the nation, according to a report issued by the Institute for College Access and Success in Berkeley, California.

The figures are even worse for graduate students. Over 70 percent of graduate students at the University took out loans, The Star Tribune said.

An ex-student in New York was denied his professional license as a lawyer because of "heavy student debt" in excess of $400,000, said Lynn O' Shaughnessy, author of The College Solution Blog, in an article for CBS's moneywatch.com.

Reasons for skyrocketing debt may include high tuition, demographic spread of a graduating class, and sub-par financial aid programs for lower income students, said the President of the Institute for College Access and Success, Lauren Asher.

To access a pdf of the report on student debt for the class of 2008, click here.


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