Minn. college grads carry deeper student debts than first thought


A new report from the Minnesota Office of Higher Education shows Minnesota college students who graduated in 2010 borrowed an average of $29,800 -- more than a previous estimate -- the Star Tribune reports.

For the first time, the latest numbers include graduates at for-profit schools who borrowed even more — $45,100, on average.

Students at the Art Institutes International Minnesota graduated with the state’s highest debt loads for two-year degrees (average of $36,100) and four-year degrees (average of 55,200), according to the newspaper.

However, Minnesota students at for-profit colleges are less likely to default than those at public colleges.

The Star Tribune says the two-year default rate for Minnesota students was 6.9 percent, compared with 9.1 percent nationally.

Minnesota students carry some of the highest debt loads in the nation, a study last year noted.

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