Largest Student Loan Debt Ever Recorded

CHATTANOOGA, TN (WDEF) – Jim Catanzaro, President of Chattanooga State, says, "We have students coming to us, transferring from private schools that already have $25-35,000 worth of debt. Well it’s crazy, it’s crazy."

Crazy, but true, says Catanzaro.

One UTC student tells us, "I can believe it, I can believe it."

According to published reports, the Class of 2014 is graduating with the highest student loan debt ever recorded.

This year the average graduate has racked up a $30,000 debt.

Catanzaro says, "We’re encumbering our future tremendously in the U.S. and it’s one of the reasons this recession has lasted as long as it has."

A lot of students we spoke with at UTC, say, a job in addition to school is now a necessity to manage the loans.

Robert Thomas, a student, adds, "That’s real tough. Sometimes its late nights and not a lot of sleep, but you do what you gotta do to get it done."

And students tell us the mounting bills make them more eager to find their "first real job."

Irving Johnson, a student, says, "It forces us to get out an scramble, for the job."

But according to the Wall Street Journal, while student loan debt soars, the average salary has actually dropped by 2.2 percent.

Catanzaro adds, "And that keeps them from being good consumers, it keeps them from growing businesses, it keeps them from buying houses. It has significant impact on their lives."

Now, some relief is in sight.

Next year, graduating high school seniors will be able to go to a community or technical college for free.

It’s part of Governor Bill Haslam’s Tennessee Promise.