College Student Debt
A college education is a major investment and that involves a lot of hard work. Even with the applications, all-nighters, finals and group projects it has always generally been worth the time, money and effort to get the degree. However, while a four degree is still a sound investment and in some ways essential, the price is getter higher and the rewards are not. In 2012, 53% of grads were unemployed and recent grads had $25,000 in student loan debt on average. This means students were entering a tough job market with a lot of debt to pay off.
These facts and figures should not be a repellant from getting a college education but it should help to be aware of the facts. If you plan on sending your kids to college start saving as soon as possible and explore financial aid and scholarships before taking out a loan. When the average graduate today is finished making payments on their own student loans it will be time to start paying for their children’s debt.
Consolidated Credit has put together this generational look at college tuition, attendance, and debt. How did your grandparent’s educations compare to your parents and yours? How these inflation rates affect your kids’ educations?