You might feel like you are the only one who will enter the "real world" with thousands of $$ in student loan debt, but that's not actually the case. According to NPR, "Two-thirds of college students now graduate with debt, owing an average of $24,000." Moreover, the overall nation's debt is climbing toward $1 trillion. So, once you start with your repayments it might feel like a lot to you, but in comparison to these numbers it is just a small part.
Somewhat unexpectedly, low-cost schools have students graduating with larger debt than more expensive institutions which often have bigger endowments and can afford to support their students with higher financial aid.
Mark Kantrowitz, publsiher for fastweb.com and FinAid.org, reports that it will take most students as long as 20 years to repay their loans. Contrary to these somewhat discouraging statistics, Times Magazine reports that attending college is the best way to learn how to manage personal finances. When educators in Europe are struggling to come up with ways of teaching personal finance management, American students can just go to college for four years!
So, to the Class of 2012, Congratulations and don't worry, it will all work out!!!!!!!!!
-Savvy Student
-Savvy Student
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