Student loan debt bearing down on U.S. graduates
The National Center for Education Statistics reports that two thirds of undergraduate students are carrying loan debt with them upon graduation, on average $19,237. The median debt load is $17,120; a quarter of undergrads borrow more than $25,000, and a tenth borrow more than $35,000. Loans from the for-profit private loan industry have especially increased as share of the total student loan volume over the past few years, as students max out their borrowing limits on federal loans. Increased private borrowing is also related to the collapse in family home equity and tightened alternative avenues for credit. Last year, students borrowed $18.5 billion from private lenders, up 6 percent from the 2005-2006 school year to fully a quarter of all borrowing.
Ya, keep them chained right from the beginning, how's that for modern slavery?
posted by Wanishi at 6:40 AM
1 Comments:
It's interesting to know about the US. In the UK, almost 50,000 students will graduate in 2007 with an average debt of £11,000 but a staggering 14,500 will owe more than £20,000 with some even hitting the £30,000 mark according to new research.
A 3 year degree costs between £34-£36ooo. My daughter's degree is a 4year one, with a year abroad (divided between France and Portugal). She will finish with a huge debt.
Florxxxxxxxxx
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