Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Student loan debt is at all time high

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October 06, 2005

Student loan debt is at all time high

The student loan debt has reached levels not seen before. According to the Center for Economic and Policy Research, the average graduating senior had about $17,600 in debt on graduation day in 2004. Student loans are now taken by almost 70 percent of all the students who attend four year college. Here are several main facts:

- student expenses at public four-year universities have risen 59.4 percent since 1990, so many more students finance their degrees with loans

- in 1981, college students could work full-time all summer at a minimum wage and earn about two-thirds of their annual college costs; today, however, students earning minimum wage would have to work full-time for one year in order to afford one year of education at a four-year public college or university

- higher levels of student loan debt have implications for how students think about career and life-choices; indebted college graduates may choose to postpone marriage, buy a house, or start a family in order to pay off their loans

No kidding, how a student in debt up to his or her neck can buy a house at today's prices. Home related expenses are even worse these days than student loan debt.

 
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