The heavy loans are more common than one might think: seven out of 10 college graduates leave school with a huge bill and growing interest rates. It’s tough to move on in life, financially and otherwise, when loan debt is hovering like a dark cloud over every step of your journey. Many students and non-students alike wonder whether the burden of such an expensive loan is worth the education they’ll receive. After all, garnering a Bachelor’s degree does not guarantee employment whatsoever.
For some, it is worth the long task of repaying student loans. For others, this is simply not the case. Depending on the type of career desired, a college education is not necessarily always needed. Many college-aged people see their friends graduating with a Bachelor’s or even a Master’s degree and envy them—then they find out how much money their peers must pay back and reconsider their jealousy.
Some preoccupy themselves with worry concerning the wealth gap in the United States. Are student loans and the ability to be able to pay them back in good time getting in the way of people leading successful lives? It seems that student loan debt may be driving a wedge between those who are wealthy enough to pay their loans back and others who might be paying back their loans until the day they die.
A person who isn’t buried in student loan debt has a better chance of being able to invest their money in a home, retirement, stocks, or other financial vehicles.