This is the time of year when many families are going through readjustments. For the average family, going to college means taking on a lot of debt to finance their education. Below is an infographic created by Mountain America Credit Union.
Synopsis of the Student Loan Debt Infographic
The average cost for a 4 year college education per year is just under $2, 500. That works out to approximately $10, 000 over 4 years. Now, that is some serious cash for the average student, especially if you choose a field that is not in great demand. You will be shackled with that debt for a pretty long time.
How is the Repayment Going?
Currently, student loan debt in the United States stands at close to $1 trillion dollars. I cannot even fathom what that looks like. This represents a growth of close to 60% over the past 6 years.
4 out of every 10 families headed by someone younger than 35 has student loan debt. Are they paying back this loan? Well, yes with challenges. Over 1 in 10 individuals with student loan debt default within 3 years after leaving college. For students who attended a private institution, the default rate is twice as high-close to 23%.