Last week one of the major news stories was congress debating on whether or not to allow student loan interest rates to rise later this summer. According to the book “The Two Income Trap,” 97% of Americans believe that they need a college degree to become successful. With the consistent rise of costs for a college education the question becomes is going to college really worth it?
Take a look at some of the latest statistics about college and student loans.
- 54% of new college graduates are unemployed or under employed
- 39% are behind or are currently deferred student loans
- Over 1 trillion dollars in student loan debt as of 2012
- Average consumer has just under $30,000 in student loan debt
- Only 54% of students that start college end up with a bachelor degree in six years
- Tuition averages an 8% increase per year (which means the cost of college doubles every nine years)
In the spirit of education, what grade would you give higher education with the above statistics? More than likely the grade you would give would not be a satisfactory one, yet almost every American feels this deep obligation to obtain a college degree.
So is it true that you need a college degree to become successful? What is the definition of being successful?
- How much you make?
- How big your house is?
- Job title?
- How many degrees you have?
Check out the top 100 Entrepreneurs without a college degree according to youngentrepreneurs.com
There is nothing wrong with going to college and obtaining a degree that will help you pursue your dreams, goals and desires. But like anything else in life, it is only a wise choice if it something you can afford.
Next week we will uncover how you or your child can go to college without ANY student loans and if you have student loans how you can pay them off quickly.