Students weary of post-graduation debt
September 17, 2012
There's no denying that going to college can be an expensive endeavor. According to the College Board, the average annual cost for a four-year public college or university is $8,240 for in-state students and $20,770 for those who live out-of-state. Private college is even more expensive, averaging $28,500 per year.
While many people depend on student loans to pay for their education, a new survey suggests that this method of paying for an education is not being embraced by some.
The nonprofit organization Generation Opportunity recently polled more than 500 people between the ages of 18 and 29 in Florida. Nearly 30 percent said that they are delaying going to college or have decided not to pursue a college degree because of the poor economy.
Additionally, 64 percent said that they believe the availability of more quality, full-time jobs upon graduation is more important than lower student loan interest rates. And, 28 percent admitted that they've had to delay paying back their student loans.
It's a scenario that is not going unnoticed on college campuses. Jorge Salazar-Carrillo, an economics professor who directs the Center of Economic Research at Florida International University, told the Sun Sentinel that it's not unusual for students to express trepidation about graduating because it means they will have to start paying back their loans. The problem for many is that finding a job continues to be a challenge because of the difficult economy.
The good news for moms who want to pursue a college degree is that the out-of-pocket expense doesn't have to cripple them financially. Financial aid for moms, scholarships for mothers and grants can help make becoming a college graduate a reality for many. And, unlike loans, scholarships and grants don't have to be repaid upon graduating.
After all, research shows the investment in your education is likely to pay off. According to the U.S. Bureau of Labor Statistics, in 2011, individuals with a bachelor's degree made an average of $1,053 per week, compared to $768 per week for those with an associate degree, $719 per week for those with some college (but no degree) and $638 per week for those with a high school diploma.
In addition, recent research from the Pew Research Center reveals that over the course of a 40-year career, college graduates are expected to make about $650,000 more than those without a college degree.
