Student Loan Debt - Facts and Figures
Getting a college education costs a good bit of money and many borrow it. In this article, we take a look at the facts and figures related to student loan debt for graduating students.
Why go to college? Well, the answer is fairly simple. Not only is it a great time, but that college degree will help you find a better paying job and also help you move up quicker in the company in question. In short, getting that degree now will pay off long term.
Unfortunately, the cost of getting a college education has gone through the roof. The number of students who can get their degree without borrowing money is falling dramatically. The question is whether saddling recent graduates with such debt is a good idea or simply puts them into such financial distress that they can't achieve all their talent suggests.
The facts and figures are troubling when it comes to student loan debt. Roughly 66 percent of graduates have this debt. Of those that don't, the parents in question make in excess of $100,000 a year. Student attending public universities borrow on average just under $10,000. 25 percent, however, borrow over $30,000. 10 percent borrower more than $39,000 in student loans.
It should be noted that these figures are for undergraduate studies. As large as they might seem, they don't even come close to matching the costs and debts associated with graduate studies. Most law graduates are looking at figures in excess of $100,000 and medicine can be two or three times that amount depending on the specialty being studied.
Education is the lifeline of any country. The fact that our system is teetering on the edge of simply becoming to expensive for a vast number of people is a serious problem we must face up to. Dividing the country into the have's and have not's on education is a bad move in both the short and long term.
