Americans should be worried about the student loan problem in this country. Last year the federal and private student loan far exceeded the country's credit card debt by a wide margin, and consumer credit experts and analysts believe that in 2012 the student loan debt will exceed $1 trillion.
It's no secret that federal and state programs and grants for education are being cut, and there are several universities that are losing funding of various forms. That means that more students will be forced to go into debt, which will likely get them into some trouble once they leave their formal education to join the workforce. With the unemployment rate teetering at around 10% it should be no surprise that America's future could be possibly in trouble with debt.
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Most experts agree that waiting until senior year to figure out how to pay for college is too late. Financial aid professionals report that the average loan debt on average per student is going to be around $27k.
It's very important that students and parents find ways to invest in the future, but once kids enter college they are over-borrowing and their debt is more than their degrees are worth. For example if a student get's out into the real world and secures a $40k a year position, as a good rule of thumb they should ideally only have $10k in debt.
Debt can be a somber wakeup call and burden for most people and can hinder your ability to apply for a car loan or mortgage and can cause some serious challenges with your credit scores, or securing competitive interest rates for your future credit accounts. The economy might still be lackluster and the unemployment rate could be still high, so that doesn't make it any easier for a newly graduated student sitting on a 5-figure debt.
According to recent reports there are around 42% of students that are delinquent on their student loans within the first 5 after they graduate. Many experts agree that it's an awesome accomplishment to get your degree but it's not economical to get into a bunch of debt for a degree in art, sociology, or humanities due to the fact that the salary outlook for the jobs available for these degrees aren't high.
It's great to pursue your dreams but some careful planning has to go into your degree, career outlook and strategy to repay your student loans after you graduate. The best way to prepare our children for their future and how to handle debt is to make sure they are financial literate by the time they enter college. It's a great idea to educate children on credit card debt, student loans and compound interest rates, because the children are our future.
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