Student debt is a huge problem in our country. But what many aren’t aware of is how the cost of college has created a nasty web that’s hard to break out of.
Young adults want to continue their education in order to improve their professional opportunities. However, this often requires large amounts of student loans. Then, once the student graduates, they are unable to find a job in their field that pays enough to cover their loans. And that’s when the trouble really starts for them financially.
To paint a clearer picture of what’s going on with the student debt crisis, Gradvisor, an employee benefit that helps parents enroll in and manage 529 college savings plans, created the following infographic. By looking at how young adults get caught in the student debt cycle, it becomes easier to see how to get away from the entire system.
Some highlights from the infographic include:
- 63% of young graduates have educational debt.
- 1 in 10 owes more than $50,000 in loans.
- 36% of millennial graduates wouldn’t have gone to college if they had known how much it really was going to cost.
- 25% of millennials still live with their parents because of their student debt.
- 1 in 9 would eat a tarantula if it meant their loans would be paid off sooner.
Check out the full infographic below to see how the student debt cycle can be broken with a little bit of financial planning.
Image credit: Gradvisor
