Student loans can be great to help put you through school and with most of them, you will not have to pay a penny back until you have graduated from the college or university that you were attending. Some can be found with very low and even fixed interest rates. The problem with building up these loans is that it is hard to earn a lot of money right out of college and you will likely be left in massive debt.
The price it costs to attend college is one of the main reasons that some people do not even attempt to go a college or university. People know that they can get financial aid and loans to help them pay for college but once they are out they do not see how they can earn enough money to pay back the money they borrowed and they do not want to remain in debt for the rest of their lifetime.
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Since 1978, the average cost of attending a college or university in the United States has risen by close to nine-hundred percent! Is going college really nine-hundred times more important than it was back then? College graduates with degrees from an undergraduate program usually leave college with an average debt of $25,000 and the average job right out of college does not pay near that amount per year.
This number also is much higher for students who attended a state university or private college or university because the average number was made including community college students who are lucky enough pay much less for their education and avoid having a significant debt to repay upon graduation. More debt has been accumulated in the United States from student loan debts than from credit cards debts. Within this decade the amount of debt from student loans in the United States is expected to reach one trillion dollars of debt.
The economy is down, yet for some reason the competition to attend college is still increasing and so is the amount of money it costs to attend a university. This means that the average kid who graduates from school will be left with a much larger debt than previous graduates and will have a much lower chance of getting a job after graduation to help them pay their loans back.
The unemployment rate in the United States for college graduates under the age of twenty-five is just under ten percent. That ten percent equates to millions of people between the ages of twenty-one and twenty-four that cannot find a job and have thousands and thousands of dollars to pay back for their education. One third of all college graduates will accept a job after graduating that does not require a college degree.
This makes one wonder how important a college education really is and if it is worth the massive amount of debt it can put you in. Now, you always want to give yourself the best chance to succeed in the world and going to college is going to give you far more opportunities than if you do not go to college. Still, people may someday look back at this time in history and realize that during this period of time, the investments people are making to attend college paid off the least of any other time period.
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