Student Debt Statistics
As American students are increasingly striving for higher education degrees to fulfill the demands of a competitive job market, they have also found that the price of this educational trend can prove particularly steep. High education costs often put students, who generally lack the kind of financial stability to pay for school on their own, in fairly deep levels of debt. This is often rationalized by the prospective salary of student’s intended profession, but that thinking does little to provide for debt repayment until he or she can secure a job.
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The Numbers on Student Debt Levels
Between undergraduate and graduate students, the cost of higher education can prove astounding. As many higher-paying positions require applicants to at least hold a bachelor’s degree, if not a master’s, the overall figures concerning student debt and the total student population are steadily increasing. Consider some of the following statistics:
- 60% of undergrads borrowed money for their degree between 2000 and 2007
- Average debt for undergrads grew to $22,700 between 2000 and 2007
- 84% of undergrads had at least one credit card in 2008
- The average number of credit cards among undergrads is 4.6 per person
- 56% of graduate students borrow for their degree
- Average debt for graduate degrees is roughly $40,000
These figures illustrate a staggering burden on individuals who are usually financially compromised by their lack of a salaried job during school.
If you are struggling to make payments on your credit cards and other financial obligations, contact the Birmingham debt negotiation lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000 today. We can provide the help you need to get your finances back in order.