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College seniors are graduating with a record amount of student loan debt.

A new report by the Institute for College Access and Success Project finds the average college student graduated with $26,600 in outstanding loans in 2011, up 5 percent from 2010.

About one-fifth of the debt was from private student loans, according to the New York Times.

Read: Student-loan debt is a good investment

The group blames rising tuition and a tough job market for the bump in student loan debt among new graduates.   

Tuition and fees are not the only contributing factors to outstanding student loan debt. Experts say the availability of financial aid and the cost of living also play a key role in the rising figures.

(CNN contributed to this report.)