How can we expect college grads to succeed?
Published 11:00 pm Saturday, September 19, 2009
I would like to bring attention to the outrageous cost of gaining an education by securing student loans in today’s economy.
In the past couple of years, I am blessed to have had two granddaughters, a son and a daughter-in-law graduate from Big 10 schools, as well as local, smaller universities in our area, for which I’m very thankful!
The problem is, they will be paying off loans for a least the next 10 years, at a rate of $600 to $700 per month, per graduate!
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In my son’s case, since he and his wife are both 2009 graduates, they will have to come up with $1,400 per month, before they even think about house payments, groceries, etc. And God forbid they might want to have a family!
Case in point: A recent marketing graduate (if they can find a job in this area) will probably start at $25,000 per year ($2,100 per month gross income, probably $1,800 net).
With a student loan payment of $600, the young professional is left with $300 per week to pay all of his or her remaining expenses, including car payment, rent, insurance, etc.
What is the answer? Without an education, one hasn’t a chance in today’s market. Most careers are demanding masters, and, in some areas, doctorates!
I have a very good friend who is working the same job she was working before she graduated from college and working a second job at night to repay her student loan.
How are we to advise our young people?
Harry Thompson, Ironton