The average student loan debt for a college degree rose 4 percent in 2015 $30,100, according to a report released Tuesday by The Institute for College Access and Success, a nonprofit focused on increasing access to higher education.

Nearly 70 percent of the 2015 graduates from nonprofit private and public colleges had student debt, MarketWatch reported, citing data from the study.

State disinvestment in higher education over the last several years largely explains why college costs continue to rise and student debt continues to grow, Debbie Cochrane, vice president of TICAS, told the website.

“States need to increase their per-student level of support for public colleges, she said. “States are unlikely to do that or do that sufficiently on their own.”
 
Student debt has risen to a record $1.3 trillion, making it the most significant liability after home mortgages, according to data from the Federal Reserve Bank of New York.

Households with student debt of $25,000 to $50,000 are less likely to own their own homes than people with smaller financial burdens, said Goldman Sachs Group Inc.

That amount of debt offsets any positive effect that a college degree has on household income for people 25 to 34 years old, according to research from the New York-based bank. For some potential home buyers, it's better to have no college education and no student-loan burden.

“The share of young households with a large amount of student debt has been rising fast,” Jan Hatzius, chief economist at Goldman, said in a 2015 report obtained by Newsmax Finance. “The impact of student debt is more pronounced on young individuals.”

The bank based its analysis on 2013 data in the Survey of Consumer Finance, which the Federal Reserve publishes every three years.