A report released by the University of California Student Association (UCSA) and The Institute for College Access & Success (TICAS) finds that the burden of student loan debt is not borne evenly across all university graduates. First Comes Diploma, Then Comes Debt. Unequal Debt Burdens among University of California Undergraduates finds that the lowest income college graduates were the most likely to leave school with student loan debt to repay, despite the university’s relatively robust financial aid offerings which fully cover tuition for 56 percent of undergraduates.