70% of U.S. Graduates Owe $28,000

Do you really want your son or daughter to return from a four or five year stint in a college with nearly $30,000 in debt?  How will she pay it off?  Did she count the cost beforehand or was it a case of her following her passion?  What jobs will pay her enough to afford a car payment, insurance, food, rent, credit card debt and now student loan debt?

How is she doing compared to other students?   See this interactive.

What’s disconcerting is that just when kids are at the start of their adult life, they are strapped with debt.  Sure, they may have a few added skills or smarts that they didn’t have four years ago, but they picked up their intelligence mainly from life and not so much from the classroom.  What they did pick up from the classroom was mainly so specific in a specialized field that its only use and value is to academics.

Though JP Morgan got out of the student loan business two years ago, prior to their exit they were doing quite well in that sector, “JPM made $200 million in student loans last year [2012] compared with $6.9 billion in 2008 . . . . Sallie Mae is the biggest private student loan provider. Wells Fargo WFC -1.64% and Discover, which was sold by Citi, also remain in the game.


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