Let’s face it. People don’t go to college because they have a fetish for writing term papers. Instead, they often put their life on hold for four years while they continue their education so that they can enter the permanent work force with the promise of an amiable, well paying job. However, due to the rising cost of college tuitions, higher borrowing limits on government loans, and a greater number of low-income students, college goers end up digging themselves into a hole before they can even begin to build a future for themselves.

The average amount that undergraduate students tend to borrow is $19,300, having borrowed only $12,100 a decade before. While even students from wealthy families are borrowing to pay for their education, it is the poorer students who suffer the most, with 72% of them going into debt to pay for their education. The average monthly rate is $210. This can total from six to 15% of a new graduate’s earnings.

According to a recent survey of 1300 college students, 13% said that it will take less than five years to pay off their student loans, 21% claimed it would take 5-10 years, and 36% said it would take over ten years. Only 30% of the students polled claimed to have no student loans.

The U.S. education department claims that lower interest rates and higher paying salaries are balancing out this disadvantage, but when half of these college graduates say that it will take over ten years to pay off their loans, it makes this argument seem rather unlikely. In ten years, most graduates would like to be settled. Many of them may be supporting families by then. Today, people feel that college is necessary for financial success in life, but at this rate, it seems like the financial exertions of college fees are only holding Americans back from achieving their American dream.

For related articles, visit www.usatoday.com and www.collegegrad.com.

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