Infographic: The Insanely High Cost of Higher Education

Posted May 23rd, 2012 in Economics by Jeremy Waller

Upon graduation, the average student has over $25,000 in student loan debt. Though, it’s not unusual to graduate with many times that amount.

If you are not strategic about where you attend college, what you major in and how you pay for it, you could find yourself out tens or even hundreds of thousands of dollars. And all of that time and money may set you up for a career that doesn’t pay much more than a fast food chain.

The Price of Higher Education

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4 Responses so far.

  1. Michelle says:

    This is all crazy. One thing that stuck out was that only 5.5% had scholarships. I always assumed that would be much higher.

    • So many people go to college with no plan whatsoever. They believe if they can just get a degree then they will land that job that pays buckloads of money and they won’t have any problem paying back their student loans. Or, even worse, they don’t even think about how they are going to pay off their student loans.

      75% of my education was paid for with scholarships. There are so many opportunities for free money for college, but most people aren’t willing to put in the work it takes to apply for dozens or hundreds of scholarships.

  2. Gary Thurber says:

    I also agree that students really need to take the time and consider the best options for paying for college, especially for lower paying fields, so as not to end up with a lot of student loan debt. Working for a credit counseling agency I see the long term impact making poor decisions on how a person decided to pay for college has on them even into their 30’s and 40’s. By taking on long term student loan payments there is less money available early on to build assets and wealth (ex. less for savings, investments, homes, retirement contributions, etc) as that portion of their income is already spoken for.

    With planning and some hard work people can get the education they want and also build a brighter financial future.

  3. Interesting that the percentage of students earning scholarship money is so low. From what I recall from the standards for scholarships to the school I attended the GPA (from high school) cutoffs were not especially high.

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