Thirty & Broke is the title of a Business Week article from this week. One of the major themes of the article is how rising college costs are making it difficult for young people starting out. Some numbers from the article:
The consequence of student loan debt on graduates in 1987 and 2002:
1987 2002
changed career plans
11% 16%
delayed buying a home
23% 38%
delayed getting married
9% 14%
delayed having children
12% 21%
(source, Nellie Mae statistics)
Why it is so much harder to pay for school in 2005 than it was in 1990:
Median family income: up 5.8%
Total cost at private four year colleges: up 47%
Total cost at public four-year colleges: up 63%
( source Census Bureau college board)
Federal student loan debt for four year bachelors degree:
(source, ACE Center for Policy Analysis)
The consequence of student loan debt on graduates in 1987 and 2002:
1987 2002
changed career plans
11% 16%
delayed buying a home
23% 38%
delayed getting married
9% 14%
delayed having children
12% 21%
(source, Nellie Mae statistics)
Why it is so much harder to pay for school in 2005 than it was in 1990:
Median family income: up 5.8%
Total cost at private four year colleges: up 47%
Total cost at public four-year colleges: up 63%
( source Census Bureau college board)
Federal student loan debt for four year bachelors degree:
- For 1992-3, 24.8% of public school students and 40.4% of private school students graduated with student loan debt
- For 2002-3, 58% of public scholl students and 69.2% of private school students graduated with student loan debt
(source, ACE Center for Policy Analysis)