Student debt is now at a historic high in the United States.
Last month the Wall Street Journal reported the following grim student debt statistics:
- Student loan debt was $364 billion in 2004 and over $1 trillion in 2013.
- The Federal Reserve Bank of New York reported that as of the fourth quarter of 2012 only about 40% of student borrowers were paying down their loans.
- 17% of all loans were delinquent, defined as 90 days past due.
- 14% of borrowers who were not officially delinquent had the same balance as the previous quarter.
- 30% had increases in their balances.
- More students are attending college and taking out bigger loans and a weak job market has impacted student re-payment.
There are ways to graduate with manageable debt but you must take the necessary steps before you turn in a single college application.
I devote many pages in my book, The New College Guide: How to Get In, Get Out, and Get a Job to avoid graduating with a student loan bill that will impact your life after graduation.
Read the book and don’t become a negative statistic.