Student Loan Debt – An Infograhpic
For many parents, college is the inevitable goal for their children and eventually a well-paying career after graduation. However, many families forget to take into account the cost of higher education and not just from tuition but from books, housing, transportation and other living expenses. The fact is college is extremely expensive and for many students one solution to help pay for college is to take out student loans.
In 2012, the average student graduated with about $25,000 in student loan debt and that just accounts for a bachelor’s degree; that number increases for master’s degree. While there are alternative ways to pay for college, such as scholarships and private grants, many of these forms of financial aid have seen their funding reduce and guidelines become stricter because of the limited funding, making it difficult for many students to qualify.
Although college costs have risen and will continue to increase in the years to come, earning a degree still has benefits. In this slow recovering job market, many employers now require a bachelor’s degree for employment and those with college degrees still earn significantly more than those without a degree.
However, parents and students should look carefully into the cost of college and begin saving as soon as they can to help avoid being tangled up in large amounts of student loans after graduation. To learn more about the real cost of college and to get an in-depth look into student loan debt through the years, take a look at this infographic by Consolidated Credit. Just like any other investment, putting money into a college degree takes research to make sure you are making a good investment that will pay off in the long run.
About the Author
Maxine Wells is a freelance writer and has contributed to several finance and education blogs. She knows how stressful the road to college can be both for students and parents but encourages students to stay positive and most importantly do research on financial aid and college costs.