College Grads Owe an Average $23,200 in Student Debt

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Recent college graduates with dreams of post-degree grandeur are being pummelled by the recession and forced to live with the reality of how much their degrees cost and how difficult it is to use them right now.

A report released this week by The Project on Student Debt shows that 2008 college graduates owe and average of $23,200 on their educations, a figure 25 percent higher than what their older brothers and sisters owed when they graduated from college in 2004. On top of double-digit debt, the report also cites unpublished numbers from the Bureau of Labor Statistics that show how seriously college graduates are being affected by unemployment. In the third quarter of 2008, the unemployment rate for graduates ages 20 to 24 was 7.6 percent. One year later, the rate has jumped to an all-time high of 10.6 percent.

The report also breaks down average student debt by state on a user-friendly map which shows a concentration of high averages in the Northeast and a concentration of low averages in the West. The District of Columbia ($29,793), Iowa ($28,174) and Connecticut ($26,138) have the highest averages while Utah ($13,041), Hawaii ($15,156) and Kentucky ($15,951) have the lowest. Though the report deals in averages, there are many students who owe much more than their state’s average, and the number of students who owe twice the national average has been creeping up over the past few years.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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