In 2015, college graduates left school with more debt than ever before.
A new report from The Institute for College Access and Success found that the average undergraduate borrower is facing $30,100 in student loans. That's up 4 percent from the previous year.
For students with just that amount of loan debt, that means they will be paying about $300 a month for 10 years, according to CNN.
New TICAS report: average #studentdebt at graduation up 4% to $30,100 for Class of 2015 https://t.co/VH3twR2Qgq pic.twitter.com/BwZrk4duuJ
— TICAS (@TICAS_org) October 18, 2016
Now if you think $30,000 sounds like a lot of money, just wait there's more.
The report might even underestimate the average debt because the number doesn't take into account the debt accrued by students who went to for-profit colleges.
"Overall, there's been a tremendous increase in the number of graduates with student debt compared to the previous generation," Lauren Asher, the president of TICAS, told CNN.
For instance, in 1993 less than half of new graduates who attended four years schools had loans. As of 2015, that number had spiked to 68 percent.
Throughout the years, the cost of college has been rising and doing so faster than that of family incomes.
Tuition spikes are partially a result of states cutting funding to public colleges and universities.
In fact, state funding per student is still at 18 percent, which is lower than before the recession, according to CNN.
The Institute for College Access and Success report is based information colleges across the country self-reported in a private survey.
The colleges and universities are not required by law to report how much debt their students graduate with, so not all of the schools responded.
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