Also in this playlist...
This transcript is automatically generated
Around half of all Americans aren't debt I'm not talking about mortgages or even car loans.
I mean seriously and debt and a number one reason is now get this college.
-- -- debt is now higher for most people in credit card debt.
And according to the New York Times the total amount adults though could soon top one trillion dollars.
In 2010 the average college grad with saddled with about 24000.
Dollars in debt again that's just an average for many it's much more than that.
In fact in 2008 more than 60% of students graduated with debt compared to under half fifteen years earlier.
And as a publisher -- NA dot org put it in the coming years a lot of people will still be paying off their student loans when it's time for their kids to go to college.
That's a sad state of affairs.
Well for those who attended a four up for profit college the -- is even more dire that's only 12% of those enrolled in higher education.
But of the people default on student loans in that group.
Comes from that group and the worst part about student -- can't get out of paying them by filing bankruptcy.
The government can garnish wages or tax refunds or other forms have been -- to make sure the -- is recovered.
And it's not just -- lower income group being forced to pay for college.
Decades after they graduate even famous faces have had to struggle to pay off their debt.
That we left.
School where -- mountain of debt.
Michelle I -- ahead at least 60000 dollars.
I had at least 60000 dollars.
When we got together.
We had a lot of loans to -- In fact we did not finish paying them off.
We've been married for at least eight years maybe not.
Actually Michelle Obama has admitted it took her husband's best selling books to help them pay off their education.
Yes education loans are better than credit card debt because a degree is an investment in your future but you shouldn't be willing to pay anything for it.
Given that our national debt problems will probably constrain federal student loans in the future it's high time college freshman started weighing the costs of their degree get their earning power.
While the College Board says the average starting salary is 22000 dollars more for holders of four year degrees.
Look the devil's in the deet tails and wages can vary dramatically.
Compare your likely starting salary from a website like salary dot com with your monthly debt burden if you're going into a -- the pays little like journalism or teaching.
Consider a four year institution -- doesn't charge premium prices.
According to the College Board four year public four year colleges charge on average 7600 dollars per year in tuition and fees for in state students.
121000 dollars for out of state students.
Opt for the -- clad private education and you'll pay about 27000.
Dollars per year in tuition and fees.
That out of state tuition is more than three times the level of in state.
Meaning that the -- -- education is three times more expensive -- the public education.
At the end of the day students have to -- their wishes and wants all of them against the cost of education because -- you pay too much.
You'll end up short changing your future in other ways such as delaying marriage buying -- house having.
Filter by section