Total Tuition and Fees, 2014-15:
“According to the Department of Education, fewer than 40% of students who enter college each year graduate within 4 years, while almost 60% of students graduate in 6 years” (TIME). Meaning the REAL cost is some 50% higher.
…and you think this is a lot?
Wait until you see what you really pay:
So your REAL cost for a
– 2 year college education is between $13,000 and $37,000 (including financing)
– 4 year college education is between $73,000 and $773,000 (including financing)
– Bachelor Degree plus a Master’s Degree is between $497,000 and $1,069,000 (including financing)
– 22% of all college costs are borrowed (i.e. Loans): How America Pays for College Infographic
– Calculator used: Student Loan Calculator
– For additional information Please also refer to the links under the “Student Finances Tab”
“As you can see, the type of school you choose can make a big difference in how much money you’ll fork over to sport that fancy cap and gown. And, more importantly, how much you have to borrow” (The Simple Dollar & National Center for Education Statistics)
Total Student Debt (Click link to see total current student loan debt).
The major issue students don’t think through before borrowing money – once the money is borrowed, you can’t go back. There are no redo’s; you can’t discharge your loans if you go bankrupt. No matter your current state in life, you’re trapped.
And when you’re trying to live a normal life after you graduate, the more you owe, the more cumbersome it can be. A $30,000 loan at 6% might only cost $333 per month to service. However, someone who owes $70,000 might need to pay as much as $777 per month for 10 years. (http://www.thesimpledollar.com/true-cost-of-student-loans/)