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FILE - In this May 15, 2016 file photo, students embrace as they arrive for the Rutgers graduation ceremonies in Piscataway, N.J. More Americans are getting buried by student debt, causing delays in home ownership, limiting how much people can save and leaving taxpayers at risk as many loans go unpaid. (AP Photo/Mel Evans)

You aren't alone. Students are graduating with an average of $30,000 in loans.


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

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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