The president of Princeton University says that despite questions about the value of college education, a bachelor's degree is essential to getting a good job.

Princeton President-elect Christopher L. Eisgruber (Princeton University, Office of Communications, Denise Applewhite (2013))

Christopher Eisgruber told a group of business leaders at a Princeton Regional Chamber of Commerce event on Thursday that reports of massive student debt can be overblown.

The Time of Trenton reports Eisgruber said that if a student leaves owing $100,000, "something's gone wrong in your financial planning."

He says the typical debt for students who graduate from schools in the Association of American Universities is less than $30,000.

Because of a no-loan financial aid system, most Princeton students graduate owing nothing.

New Jersey lawmakers are exploring forming a commission to study the rising cost of a college education. Eisgruber blamed rising tuition on states he says are providing less money and asking them  "to do more and more with less and less," according to the Princeton Packet.

"(Universities) are being forced — because there’s no other way to do it — to raise tuition in order to compensate for the money that’s being pulled out from their budgets. Eisgruber told the Chamber according to the Packet.

Eisgruber blamed the media for questioning the value of a college education but said a degree gives job seekers an edge. "The overwhelming evidence is that the value of a college degree today is higher than it has ever been," said Eisgruber

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The Associated Press contributed to this report