NEW YORK (MainStreet) -- The perils and pitfalls of student loans have become part of the American coming-of-age saga. For many people, the story goes something like this: you go to college. College (often) sucks. And now you're in debt. But there may be an alternative plotline out there for those who care to look in the form of low-debt colleges.
About seven in ten of those who graduated from public and private non-profit colleges with a B.A. in 2013 owed money on their student loans, according to a November report from the Institute for College Access and Success, based in Oakland. "These borrowers owed an average of $28,400, up 2% compared to $27,850 for public and non-profit graduates in 2012," said the report, which was written by Debbie Cochrane and Matthew Reed.
While the report identified high- and low-debt states, it noted, "Average debt varies even more at the college level than at the state level, from $2,250 to $71,350 for the class of 2013." At almost one in five colleges, average debt rose at least 10%, while at 7% of colleges, average debt went down 10%.