That's reality for the typical college graduate these days, according to a new report by Fidelity Investments.

Seventy percent of students in the college class of 2013 are graduating with an average of $35,200 in credit and student loan debt. Only 30% are graduating debt-free.

If they had a better understanding of debt when starting college, 39% said they would have made different choices. That's a 14% jump from the same survey in 2011.

“The number of graduates reporting surprise by the level of student debt they have accumulated is a big concern and shows that there is a considerable need for families to better understand the total cost of college,” said Keith Bernhardt, vice president of college planning at Fidelity Investments.