Paying For College: The Future Of Student Loan Debt [Infographic]
Job security can be very challenging to find in the current economy, and on-going change to how businesses and employees view jobs. Increasingly, even full-time, permanent jobs feel more and more like a temporary position; and employees are beginning to view themselves as contractors more than long-term workers. Job hopping, while still not encouraged, is no longer the same stigma it once was a decade or so ago. In this highly competitive environment, where people are constantly playing musical chairs with jobs, how do you ensure that you get a seat? A college education is still a sound investment in your financial future, as it opens doors to higher incomes. Keep in mind, however, that the cost of tuition has grown 500 percent over the last 60 years, without a slowdown in sight. Most students and their families will find paying for four-year schools increasingly difficult, and will usually require outside assistance to cover the cost of tuition, books, room and board, and other essentials. The cost of a four-year degree has become such that even if parents begin saving for their child’s college education from the moment the child is born, they still may need help funding the costly investment. As government assistance dwindles, and grants become increasingly difficult to come by, more students and families will need to rely on student loans. Student loans, however, are yet another burden for graduates entering the job market. Student loans can take an individual well into their 40s before he or she is able to pay it off. And with compound interest, the student could end up paying double what he or she originally borrowed. Learn more about the long-reaching effects of borrowing money for college with this infographic, which covers the past, the present, and the future of student loan debt.
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