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Student debt running high in Wisconsin

Mar 22, 2012 Mike Garretson

Though student loan debt recently surpassed credit card and auto debt as one of the most defaulted-on types of loans, many Americans are still taking out loans to attend colleges with the hope of obtaining successful careers in the future. Yet because of increasing tuition, many graduates of the University of Wisconsin are amassing a high amount of debt and may find themselves dealing with a debt recovery service in the near future. The Journal Sentinel reported that UW officials recently claimed 71 percent of students attending public schools take out loans, and the average debt upon graduation from the university has soared to approximately $27,000. Students and their families are struggling to pay the University of Wisconsin because tuition is far outpacing inflation increases, noted the Journal Sentinel. The news source said that student debt is most often experienced by middle class families, as low-income families often receive more favorable results when applying for financial aid. AlterNet reported that students at the University of Wisconsin were not the only ones grappling with the cost of education - in the last year, 41 states have slashed higher education spending. Particularly affected by this change were attendees of the University of New Hampshire, the University of Washington and Florida's public colleges.