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2016 college grads could have most debt ever

 INDIANAPOLIS (WISH) — Some estimates show the college class of 2016 is graduating with the most debt ever.

A national expert on student loans said student borrowers in the class of 2016 will owe $37,172, which is up from $35,000 in 2015.

Schools are still crunching numbers for their own graduates this year, but the Institute for College Access and Success has a comprehensive student loan project that analyzes student debt over the years. The most recent information they have available is from 2014. Their report found that students in Indiana averaged around $29,000 in debt in 2014. 

But, it’s not all bad news for college grads. The Federal Reserve Bank of New York said 2015 grads with a bachelor’s degree are making about $43,000 and that’s up about $3,000 from the year before. 

According to the Economic Policy Institute, the unemployment rate for young college grads is at 5.6 percent. For high school grads, it’s at 17.9 percent.

So while student loan numbers may be daunting, experts still say a college education is a good investment.

“Student loans are, they’re a means to an end, they’re self investments. So borrowing responsibly is still a good investment. Higher education is still a good investment,” IUPUI Director of Financial Services Marvin Smith said.

So how can you manage the debt? The Institute for College Access and Success has a list of ten student loan tips. You can find them, by clicking here.