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College Has Never Been More Important
- College graduates with a bachelor’s degree typically earn 66% more than those with only a high school diploma; and are also far less likely to face unemployment.
- Over the course of a lifetime, the average worker with a bachelor’s degree will earn approximately $1 Million more than a worker without a post-secondary education.
- By 2020, an estimated 2/3 of job openings will require post-secondary education.
College Has Never Been More Expensive
- For most families, a college education represents the largest purchase they will ever make.
- Over the past three decades, tuition at four-year colleges has more than doubled.
- 70% of students graduate with student debt.
- As of 2016, the average amount owed by a typical student loan borrower who graduated with a bachelor’s degree more than doubled to a total of nearly $37,172.
- The maximum Pell Grant in 2015 only covered about 30% of the cost of a four-year public college education – the lowest proportion in history.
Cost & Debt Are Only Part of the Story
- Increased focus on student success is paramount. The most expensive education is one that doesn’t lead to a degree. Students’ ability to repay their loans depends more on whether they graduate than how much total debt they take on.
- 70% of Americans will study at a four-year college, but less than 2/3 will graduate.
- 60% of college dropouts had no financial help from their parents.
- Students who take out college loans, but don’t graduate, are 3X more likely to default than borrowers who graduate with a degree.
- More than 40% of first-time full-time students who enroll in a bachelor’s degree program don’t graduate within six years.
So, What Do We Do?
- Ensure students go to the schools representing their “best fit”.
- Ensure students don’t pay one dollar more than they need to, to attend their best-fit schools.
“At New England College Planning Associates, our goal is to help students and their parents to successfully navigate the college selection, admissions, and financial aid process so they can send their child to their best-fit college, without creating life-long debt.”
- Student loan debt is currently at 1.4 trillion and climbing.
- 27% of college students move back in with their parents after graduation.
- The CT average debt for graduating public college seniors is $34,773.
- The CT average debt for graduating private non-profit college seniors was $34,596.
- The lowest CT average debt for graduating private non-profit college seniors was Yale.
- Student loans are accruing nationally at a rate of $3,000 per second.
- Since 1999, student loan debt has increased by 500% while incomes for young workers have decreased by 10% since the year 2000.
- The Congressional Budget Office projects that the Federal Government made about $66 BILLION on student loans in 2015, which is more than Exxon-Mobile made.
- Americans owe more in student loan debt than credit card debt.
- 40% of student loan borrowers are delinquent at some point on their loans within the first 5 years.
- More than 40 million Americans have student loan debt.
- It is nearly impossible to shed federal or private student loan debt through bankruptcy.
- 71% of students that graduate from four year colleges have student loans.
- 65% of high-debt student loan borrowers didn’t understand the terms of their loans.
- 15% of student loans are held privately.
- 15% of undergraduate and graduate students have over $100,000 in debt.
- College tuition costs rose 275% from 1970-2013 (after adjusting for inflation).
- The U.S. Government can garnish wages and withhold tax-refunds to satisfy unpaid student debt.
- Only 28% of student loan borrowers know about fact #18.
- Student loans are causing young people to get married later and delay major purchases.
- 37 million people have outstanding loan balances.
- Private student loans can be passed on to your family after your death.