A College Education is Getting Harder to Obtain without Loans

A College Education is Getting Harder to Obtain without Loans

Getting a college education has always been a high goal to reach for, but it is getting even more difficult to achieve today as the costs of tuition, housing and supplies continues to escalate.  Students in 2010 have increased their debt load by five percent from 2009, with nearly two-thirds of students taking on debt in order to get their education.

When you consider the consequences of this debt, coupled with the difficulty many students have in finding employment after graduation, the outlook for our college graduates is looking pretty bleak indeed.  Some college loan terms are as lengthy as those of buying a home.  Graduates used to have a reasonable expectation of landing a high-paying job in their desired career field right out of graduation.  These days, many graduates are forced to take jobs out of their career field just to get income to begin paying back those high college loans.In 2010, the average student debt was more than $25,000, an increase of five percent, while the average post-graduate income has dropped 1.3 percent in the same year, and that is if you can even find employment that utilizes your college degree.

While all of this doom and gloom makes college sound like a poor choice, the current woes of our economy will eventually right themselves, and those holding a degree will find themselves in a much better position to take advantage of economic growth and increased demands for educated workers.  So don’t make a drastic change in your college plans just yet, but do what you can to help offset the high costs of tuition and loans.