The average college graduate entered a tight job market in 2011 owing $26,600 in student loans – the most since the start of keeping records in 2005. In New Hampshire, the situation was considerably worse with the average graduate owing $32,440, the highest in the country and 22 percent greater than the national average.

The high cost of upper education is a damper on the economy. Not only do high debt levels restrain people’s ability to fully participate in the economy, but they also make it more difficult for students to complete their educational pursuits.

The situation will become worse July 1 when the interest rate on government-subsidized Stafford loans doubles from 3.4 percent to 6.8 percent. This will cause significant hardship for millions of graduates struggling to become productive members of society.

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