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With record numbers of young people today going to college yet unable to find a job when they graduate, many people have started to question the value of a college degree. While it still holds true that a typical college graduate will out earn a typical high school graduate, the amount of debt that students have to take on to get that degree has increased.
In fact, the average student graduating with a Bachelor’s degree today has over $24,000 in student loan debt. This amount increases for students with Master’s and professional degrees. When these loan amounts are combined with the inability of many new graduates to find a job in their field, it becomes difficult to make the required minimum payments.
Unfortunately for many former students, this has led to high levels of student loan defaults. These high levels have caused many experts to declare student loans the new banking crisis, and propose drastic changes to the system.
From: Top Colleges Online
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