College Debt: Debt Statistics For College Graduates
Graduating from college is a great accomplishment that takes years of hard work to achieve. The student is armed with a cutting-edge education in the career field of choice. He or she is presented with a diploma certifying achievement and one other “gift”- a huge pile of college debt. The debt statistics for college graduates are dim and get worse by the year.
According to recent U.S. Department of Education research, one in ten 2008 college graduates with student loans owed at least $40,000. This figure marks a three percent increase over the amount owed by 1996 graduates. In 2004, the average graduating senior had loans totaling $18,650. This figure jumped to $23,200 in 2008 and those who completed graduate school in 2008 were faced with average debts of at least $80,000.
The statistics show some racial disparity as well. The National Center for Education Statistics reports a 42 percent graduation rate within six years for black students, compared to a 60 percent rate for white students. Black students also face an increased level of debt, an average of $30,500 to be exact.
Experts strongly urge students to estimate their debt payments while they are still in school. This will prevent any surprises come graduation time when the loan is scheduled to begin being repaid. Students should begin saving earlier for college, consider that tuition costs are bound to rise, and research grant opportunities. This will prevent them from relying solely on private student loans that carry high interest rates.
Students who plan carefully can ensure that they will face a feasible loan repayment scenario upon graduation. The debt may take years to repay but if the monthly payments are affordable, the impact will be less painful. The last thing a student wants is to question the value of the education due to the loan repayment amount.
Related posts:
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- Consumer Debt Statistics
- Private Student Loan Consolidation
- Debt Consolidation Leads
- How Deflation Is Making Debt Worse
- How Inflation Helps The Federal Debt Problem
- 5 Tips for Getting Out of Debt
- U.S National Debt Statistics
- Countries And Governments With The Most Debt
- How to Get Debt Help
If you want to get out of debt, but aren't sure what your plan should be, then click here and read the debt consolidation plan.
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Debt is slavery, and the goal of this website is to help you get debt free.
If you want to get out of debt, but aren't sure what your plan should be, then click here and read the debt consolidation plan.
If you're serious about getting debt free, sign up for the free debt course that will help you lower your minimum payments, lower your interest rates, and get out of debt faster.
Get the course here:
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