Is Student Loan Debt Worth Earning a Degree?
There is no denying that it can be quite stressful deciding whether or not to go to college. Years ago, going to college was considered to be a standard among high school graduates. Once you graduate high school, you go to college, right? Over the years, though, we have increasingly seen just how detrimental it can be for a person who goes to college and doesn’t first choose the type of degree he or she wants to earn. In fact, all it leads to is an enormous amount of student loan debt. For now, let’s look at whether or not the student loan debt is worth earning a degree.
As of 2017, the average student who completes four years of college will graduate with student debt totaling at least $30,000. There are a number of factors that will influence how long it takes a person to pay back this debt, but on average, it will take a person anywhere from 10 to 25 years depending on the repayment plan he or she follows.
If a student graduates college and secures employment upon graduation, then paying back the borrowed funds may not seem like such a burden; however, for many students, securing employment right after graduation is quite difficult. And federal laws mandate that student debt is repaid starting six months after graduation.
What about you?
It is highly advised that if you are going to go to college and earn a degree using student loans that you first decide on a specific career path that you want to follow. More importantly, you need to make sure that there is a high demand for the profession you are wanting to enter into.