University Students Borrow More, Repay Less

University Students Borrow More, Repay Less

WASHINGTON, Oct. 24 (UPI) — U.S. university students are borrowing increasing amounts of money to pay for their education, but fewer are paying back the loans, a government report said.

A report released by the Education Department shows 64 percent of 2008 college graduates took out student loans averaging $24,700, compared with 49 percent of students borrowing an average of $14,000 for the class of 1993.

Sixty percent of 2008 graduates said they were repaying their loans a year after graduation, while 27 percent had moved back in with their parents or other family members.

The College Board estimates student loans totaled $100 billion in 2007-2008, up from $23 billion in 1992-1993.