Is Debt still worth a degree?

IS THE DEBT STILL WORTH THE DEGREE? The Bureau of Labor and Statistics reports that those with a college degree are 2X as likely to find employment vs. İndividuals who only have a high school diploma. College degree High School diploma The unemployment rate for those with a college degree is HALF the national average, about 4.1%. Getting a loan to go to school makes a lot of sense. BUT... Student loans now exceed $1 TRILLION DOLLARS, with $864 billion in federal loans and $150 billion in private loans. According to the Project on Student Debt, the average total of student debt for 4-year graduates is $24k, but in some states ranges as high as $30k. HIGHEST AVERAGE STUDENT LOAN DEBT VERMONT: $27,786 IOWA: WASHINGTON, D.C.: $30,033 NEW HAMPSHIRE: MAINE: $29,443 $29,143 $28,883 OHIO: $25,842 $25,842 MINNESOTA: PENNSYLVANIA: RHODE ISLAND: ALASKA: $27,467 $27,066 $26,573 $26,344 COST OF COLLEGE A 2007 study by the College Board showed that those who earn a bachelor's $ 60% degree also earn over 60% more money than folks who only got their high school diploma. College degree The average lifetime earnings gap between high school graduates and college graduates is over $800,000. 800,000 HOWEVER The price of a college education has increased 1,000% or more over the last 3 decades. 1,000% 37,000,000 Americans have federal or private student loan debt. 10% of those in debt from student loans owe over $54,000 student loan debt. Student loan debt first exceeded $1,000,000,000,000 in March of 2012.. The Department of Education estimates that the profits generated from student loan interest over the past 5 fiscal years is $101.8 BILLION. Amount student loan debt has grown over the past 8 years: 300% 40% of households are headed by someone under 35 who owes college debt, and more than 80% of bankruptcy attorneys reported a moderate-to-significant increase in clients with student loan debt in 2012. STUDENTS AND CREDIT CARDS 91% 50% 91% of undergraduates have at least 50% of college students have 4 or one credit card, up from 76% In 2004. more credit cards...!. THE AVERAGE CREDIT CARD DEBT FOR AN UNDERGRAD IS AT AN ALL-TIME HIGH, AT $3,173 CARD 25% of students have paid a late fee The averoage credit card debt with which seniors graduate is up 41% from 2004, at $4,100 15% of students have paid a over-limit fee 20% OF HOUSEHOLDS HAD STUDENT LOAN DEBT IN 2010, UP 100% FROM 1989. 10% of net income is the recommended amount for debt obligations, yet people 18 to 24 spend nearly 30% of their income on paying debt!!! 7.2% of students drop out of college due to debt and/or financial pressures. THE NEED FOR FINANCIAL LITERACY Studies have found that high school students lack an understanding of basic personal finance concepts, with survey 57% participants having an average of just 57% of the questions correct. Only 45% of teens know how to use a credit card, and only 26% understand how interest and fees work on credit cards. 45% 84% of undergraduates admit they need more financial management education. 84% Of those who admitted this need, 64% would have preferred some type of financial literacy education in high school , and 40% would have liked that as college freshman. 64% INFOGRAPH SPONSORED BY CREDITGUARD.ORG SOURCES: HTTP://WWW.AS A.ORG/POLICY/RESOURCES/STATS/ HTTP://WWW.FASTWEB.COM/FINANCIAL-AID/ARTICLES/3930-SHOCKING-STUDENT-DEBT-STATISTICS HTTP://WWW.HUFFINGTONPOST.COM/NEWS/STUDENT-DEBT-STATISTICS HTTP://WWW.HUFFINGTONPOST.COM/TARA-REYNOLDS/MASS-MUTUAL-STUDENT-DEBT_B_2806510.HTML HTTP://WWW.HUFFINGTONPOST.COM/2010/10/22/STATES-WHERE- STUDENTS-ARE_N_772504.HTML#S163126TITLE=OHIO_25842 HTTP://WWW.HUFFINGTONPOST.COM/2010/04/26/STUDENTS-DEBT-BURDEN-OUTP_N_552124.HTML HTTP://WWW.CREDIT.COM/PRESS/STATISTICS/STUDENT-CREDIT-AND-DEBT-STATISTICS.HTML HTTP://WWW.AMERICANPROGRESS.ORG/ISSUES/HIGHER- EDUCATION/REPORT/2012/10/25/42905/THE-STUDENT-DEBT-CRISIS/ HTTP://PROJECTONSTUDENTDEBT.ORG/NEWSROOM.PHP?TYPE=PROJECT HTTP://NCES.ED.GOV/PUBSEARCH/PUBSINFO.ASP?PUBID=2013155