The recent downturn in the economy created a new breed of college graduates caught in a vicious cycle of debt. Yet, seventy-nine percent of students still consider a college degree to a worthwhile investment. The numbers support this assumption since those with professional degrees will earn $4.4 million over their lifetime compared to the $1.2 million that high school graduates will earn.
However, when an unemployment rates soars to 9.1 percent, not every college graduate has a job but most of them have debt. Graduates in 2010 had an average student debt that was forty-seven percent higher than graduates from 2000. The increase in tuition also increased the debt of recent graduates.
In 2010, 320,000 students had already defaulted on their debt. Well, only students from wealthy families will have to pay, right? Unfortunately, politicians are already considering fiscal cuts, e.g. cuts to Pell Grants, that would dramatically affect a low-income student’s access to higher education.
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From: Top Colleges Online
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