Infographic: A generational approach of college student debt in America

Freelance writer Maxine Wells contacted me a while ago, and showed me an infographic (about college debt in the States) she was working on. It looked very coherent and informative IMHO with plenty of numbers/calculations cited to drive home the important message that it is never too early to start saving for a university education. Hopefully this will serve to motivate rather than intimidate parents as far as financial planning is concerned. Peace.

Below is an introduction specially penned by her for White Group Mathematics:

"College is a time for many students to figure out what they want in the future and also to fine-tune their skills whether it be in writing or mathematics. The four years students spend in school is when they learn new skills and concepts that can help them in their future careers. It is a time where once in a lifetime opportunities take place and they can learn from some of the most distinguished people from their fields. However, these precious years of learning often come at a high cost. As colleges continue to raise their tuition every year, more and more students are looking to student loans to help pay for school. Although there are alternative forms of financial aid such as scholarships or grants often these forms of funding have seen major cuts and is never enough to cover four years of college costs. In 2012, a college graduate left school with an average of $25,000 in student loan debt. That number only accounts for bachelor’s degrees and would be even higher for those who pursued a master’s degree.

While a college degree can be a costly investment, it can end up being a worthwhile investment as college degree holders still earn significantly more than those without degrees. To get a better sense of just how much a college degree can really cost check out this infographic that gives a brief history of student loan debt. Figuring out how much financial aid you will need for college takes some research and simple mathematics. Figuring out how you will pay for the costs of higher education takes some smart saving and budgeting."

(Dated 23 November 2013)