For profit, colleges have been sucking billions of dollars out of the educational system and not producing anything valuable. College was traditionally created as a public good to help individuals succeed in life, but today our college debt in the United States amounts to more than 1 trillion dollars. That number continues to increase due to all the student loan debt that has been accumulated through out the years.
College students graduating in 2015 are projected to pay back a little over $35,000 in accordance to Mark Kantrowitz (Publisher of Edvisors). Not only does it stop there, but it will continue to rise as students are taking extra loans out to finance out their secondary education for graduate school.
“It’s unfortunate that college costs are going up and the student aid, the grants, are not going up at the same rate on a per student basis.” “College is becoming less and less affordable, though it’s still just as necessary.” said, Mr. Kantrowitz.
On the other hand, the Labor Department figures have shown the value of a college education when it comes to average weekly earnings. Last year a High school degree provides an average of $668 weekly versus a bachelors degree which produces an average of $1,193.
As the average education debt continues to rise, Mr. Kantrowitz has projected that education debt which includes both federal and private loans will accumulate to $68 Billion by the end of 2015. This is a ten fold increase since 1994.
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