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A Closer Look at Students’ Financial Burden

Ellie Wilkinson
Posted on Aug 18, 2011

Woman doing financesGraduating (or graduated) with a hefty debt to repay? Struggling with getting out of debt?

You’re not alone. The average college grad is shelling out around $250 a month on their student loan repayment, and will continue to do so for the next ten years. So much for enjoying “the real world,” when you’ve got a lasting reminder of school leaching off your bank account.

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Tuition will continue to rise, and more and more students will need to apply for aid or take out a loan to afford their education. Check out this infographic from Bestcollegesonline.com, which gives a breakdown of the financial burden students must shoulder to go to school.

Student Financial Burden

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  • Exploited Lawyer

    $250 a month for 10 years?? This is a cake walk compared to the situation my fellow law school graduates and I are in. Try $1300 a month for 25 years with a salary lower than I would have made had I taken a job straight out of my top-tier undergraduate institution. Everyone is so concerned about private loans and those poor students with $40,000 in debt. I have excellent credit (780+) and was “lucky” to be given all federal Graduate PLUS loans at the bargain interest rate of 8.5% which are unavailable for refinancing. This issue is much, much bigger than people are willing to admit, and the government may just be the biggest predatory lender of all.

  • http://www.mangomoney.com Mango Money

    Whether it’s $250 or $1300, it’s too much. Student loans are getting ridiculous, putting people into debt for much of their adult life! It’s a terrible way to start out in the “real world,” because as soon as you do get a job, all of your money is spent on paying off that debt, rather than doing the “adult things” you’re supposed to do– like paying rent, insurance, bills, etc. I work for Mango Money and we have a great series of posts all about shedding debt and gaining wealth. It might not be a solution for the overall problem– the debt that students accumulate just for going to college!– but if you’re in debt now, these tips can at least help. Check it out: http://www.mangomoney.com/blog/money/stop-living-paycheck-to-paycheck-a-practical-guide-to-shedding-debt-and-building-wealth-part-three

  • Dinitagach

    definitely have experienced this, for a tragi-comic look at the student loan dillema check out Bureaucracy for Breakfast http://lostinasupermarket.com/2011/06/bureaucracy-for-breakfast-vol-xviii-sallie-mae-can-suck-it/