Ogden Nash once said, “Some debts are fun when you are acquiring them, but none are fun when you set about retiring them.” As the year comes to a close, the graduating class of 2011 will experience the not so fun part of debt as they begin the repayment period of their student loans. The six month grace period that they received after graduating will end this November, and they will be forced to begin making payments on the debt that they acquired over the last four or more years of school. Many graduates are worried about their ability to repay the balance of their loans.
The Project on Student Debt, an organization dedicated to making college more accessible and affordable for Americans, recently released a report stating that the average college graduate in 2010 had over twenty five thousand dollars in student debt. While this number is staggering, the truly devastating number is the 9.1% unemployment rate of recent college graduates. For decades now, Americans have preached that if you get a college degree, you will get a better job and make more money. It is difficult to keep encouraging young Americans to take on large amounts of a debt for a degree that can’t guarantee them a job or even more pay in the current economy.
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