The Price of Higher Education: Student Loan Debt

These days, it seems inevitable that any discussion of the economy will include a discussion of student loan debt. And with good reason – according to U.S. News and World Report, the average college student will graduate with over $25,000 of student loan debt. This is the highest level of debt in the nation’s history, and cumulative student debt has surpassed credit card debt for the first time ever. The high cost of getting a bachelor’s degree has caused many to speculate as to whether or not going to college is still a worthwhile investment.

According to Yahoo Education, a U.S. Census Bureau report stated that more than 30 percent of adults ages 25 and older had at least a bachelor’s degree, the highest level of degree-holders ever. And a Department of Labor earnings report for 2011 showed that workers with a bachelor’s degree earned a median income of $1,158 per week, while those with only a high school diploma earned $641 a week. Yet the unemployment rate for recent college graduates with a four-year degree is 8.9 percent, higher than the national average. This may be because many employers are seeking to cut costs by downsizing or outsourcing many entry-level jobs overseas. Therefore, it is not at all uncommon to find young people with bachelor’s degrees working at Starbucks or waiting tables. [Read more…] about Is A Bachelor’s Degree Still Worth It?