American Student Loan Debt [infographic]
It is common practice for students to take out a loan when needing to pay the tuition for their post-secondary education. However, more and more students are finding themselves under piles of debt when they are ready to begin their new lives as professionals. The infographic below from Online Colleges takes a deeper look at student loan debt in the U.S.
The problem begins with the price of tuition. Between 2000 and 2012, the price of tuition for a four-year public college increased from approximately $14,000 to $19,000. Since 41 percent of Americans aged 25 to 34 have an associate, bachelor’s or advanced degree, that means a large percentage in that same age group have large amounts of debt.
It’s not just students who are suffering from the debt. Many parents have taken on the task of paying for their kids’ post-secondary education. On average, a parent will need to borrow $34,000 to pay for their child’s education. However, if they pay this loan back over a 10-year period, the number increases to $50,000.
All costs aside, obtaining a degree is still worth it. An associate degree can make you $785 a week, on average, while a bachelor’s can make $1,066 a week, a master’s can earn $1,300 a week, and a doctoral degree can make more than $1,600 a week.
Learn more about American student loan debt in the infographic below.
Tell Us What You Think
We want to hear from you! Do you have a lot of student loan debt? Share your thoughts on Twitter or in the comments!
More from PayScale
(Photo credit: c Creativa – Fotolia.com)