Blog #6

 Student Loan Debt

Many of us are likely considering attending college to further our education. It is common knowledge that college tuitions are rising in both public and private schools, which leads to increased debt for graduating students. In fact, 7 in 10 seniors (69%) who graduated from public and nonprofit colleges in 2013 had student loan debt, with an average of $28,400 per student. This was an increase from  an average of $23,925 in 2008.  In New York, 60% of students accumulated debt after finishing college with an average debt of $26,381.

 What do these statistics mean? They mean that college tuition is rising faster and faster as the years go on resulting in more debt for students. Gaining a college education is no easy task, but can lead to lower chances of unemployment and higher wages. With the difficult job market and increased amount of debt due to college education many are wondering if college is even worth it anymore. Many new studies show that it is more worth it than ever. According to a study by the Economic Policy Institute, in 2014 wages for those with college degrees were 98% higher than those without college degrees, which is a record high.  In 2013, 2.2% of workers with a Doctoral degree were unemployed, while 11% of those with only a high school degree were unemployed. It has even been proven that in the long run, going to college will allow you to make half a million more than someone who does not go to college. So, it is more beneficial than harmful to go to college even with increasing amounts of student loan debt. But, with increased tuition it is becoming harder for many to gain a college education. It is unlikely that these costs will decrease any time soon, and more and more students will need to pay student loans after college.

nytimes.com
projectonstudentdebt.org