Monday, October 28, 2013

Student Loan Debt

You may be used to handling your children’s education alone, or as part of a small team, but when it comes time for higher education, few families can go it alone. College tuition costs have risen over 500 percent in the last 60 years, and the average family needs assistance to pay for tuition, room, board, textbooks and more. Financial assistance from colleges and universities are available, but only granted to a small percentage of the incoming and current students. Private and federal grants and scholarships are also becoming more difficult to win as funding dries up. Most students will end up taking out student loans in order to pay for their education.

A student loan (even as an investment in the future) sometimes seems like the opposite of what you’ve been teaching your kids for years about being self-sufficient. Student loan debt hangs heavy over many graduates, with a sizeable percentage of the borrowers in default. This eye-opening infographic from Consolidated Credit delves into the current state of student loan debt and what it may mean for most borrowers. This may help you and your family to at least start thinking about a course of action to minimize the need for student loans.

Post created by Maxine Wells you can view some of her work here:

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