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The Financial Drama Of An Average College Graduate [Infographic]

The Financial Drama Of An Average College Graduate [Infographic]

We’re just days away from the student loan rate expiration date. Unless Congress suddenly grows a conscience, student loan rates will automatically double to†6.8 percent.

It should go without saying that this event would be a fatal blow to the 7 million students now struggling to make monthly payments on an education that has yet to net them that dream job.†Given the fact that the GOP are seething after SCOTUS upheld Obamacare, I’m not counting on any excessive compassion.

As we bite our fingernails down to the bone, the rest of the world is watching this ridiculous drama play out with great interest. The plight of the average American student is so interesting to folks in the UK, that they actually made an infographic that chronicles the entire sordid affair–all the way from optimistic graduation to crushing student debt to bankruptcy. Read it and weep folks.

Infographic: The life and finanical times of average joe

Related Reading:

Seniors, Parents, Students Carry Heavy College Loan Debt

Student Debt Rises 8% to $904 Billion

Republicans Think College Students Need More Debt

Infographic ironically created by†Payday Loans

Read more: , , ,

Image via a.mina/Flickr

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19 comments

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7:48AM PDT on Jul 3, 2012

OK, Steve, MY money bailed out the banks so they could loan money to students at a high rate of interest. WHO is benefitting here? NOT me or my kids who will spend 40 years paying back their college loans. (Basically, the banks will quadruple their initial investment while my kids are living in a slum with their college degree.)

9:38AM PDT on Jun 30, 2012

If the taxpayers have to loan Wall St. money at rock bottom rates, then they goverment should do the same for the working class.

8:40AM PDT on Jun 30, 2012

@ Mike C "BTW, everyone already receives a free government 12 year education, why should I as a tax payer pay to finance another 4 to 5 years of your education."

Ummm...I don't know... maybe because you care about the future of this country? This country that YOU live in and I'm sure waive the flag for and claim to love? Where you or your kids or grandkids could also have that same opportunity?

See what happens to this country's economy if we all become low skill workers - essentially a third world country. When everyone is only qualified to work at Walmart - with only a few skilled tradesman mixed in - what do you think our economic future will be? How will we finance paving the roads, maintaining bridges, power/water infrastructure? The 1% won't care because they will be living in their bio-domes with their private "security forces" to protect them. If you think bio-domes are a stretch, just think of them as upscale gated communities with a controlled environment. It's not that far off.

3:06AM PDT on Jun 30, 2012

Just one more thing you'll have to fix in the USA,petition signed.

11:07PM PDT on Jun 29, 2012

ty

7:38PM PDT on Jun 29, 2012

Steve R - there is a savings to the students, holders of these loans, future taxpayers of this country. Presumably they are getting a college degree because statistics still show college grads are better paid & more likely to be employed than non-college grads.

The more money these students "save" i.e. DON'T have to pay in interest - the more of their earnings they spend. People age 20 - 45 drive the economy in many ways - they go out more, go to restaurants, clubs, buy new clothes, purchase vehicles etc. That's why that demographic is so attractive to advertisers.

Many people DO go to school locally & live at home for the first two years. Many of them DO try to choose fields where there seem to be jobs & decent salaries. Do you really think you're the only one to think of this? Seriously?

But - STEVE BABY - put on YOUR thinking cap - lawyers, engineers & doctors make BIG bucks BUT many of them graduate with between $100,000 - $200,000 in student loans. So don't try to pull this "it's all their fault for being spendthrifts" bulls--t. Wake up - it has become insanely expensive to get an education. We as a country would benefit from having it be more accessible.

If that doesn't happen, expect more "guest worker" programs for bringing engineers, architects, doctors etc from other countries here. Americans will be working at Walmart & Dunkin Donuts.

5:51PM PDT on Jun 29, 2012

I am a graduate student. Many professional vocations need master's degrees. There are few scholarships. So a graduate school student is dependent on student loans to get through school. We need our society more highly educated to come up with solutions to problems. Why can we not have student loan forgiveness, for those graduates who work with underserved or inner city areas, a certain amount for each year worked. It would help students out of debt and society especially where we really need help to have the best and the brightest lead the way.

2:17PM PDT on Jun 29, 2012

It is time NOW to help students get out of debt!!!

1:35PM PDT on Jun 29, 2012

And Beth Buczynski, I wouldn't put too much emphasis on the British opinion. That country is no shining example of democracy, health, wealth and financial security.

If you think it is - go live there and pay their tax rates that pay for the welfare system they have, but love to hate - the "dole"...

1:30PM PDT on Jun 29, 2012

Well - seeing as how congress has already passed an extension as I write this - let's take a look at some lies and some facts.

Firstly - bleeding heart liberal Van Jones the "dream rebuilder" sent out an email in which he claims that the ruling saves "Americans" $22 Billion!

Well Van baby - which Americans are SAVING the $22 Billion and which are PAYING the $22 Billion.

This is the problem I have with bleeding heart liberals like Van Jones - they have NO IDEA!

Firstly - the ruling will save about 7 million students that have federally subsidized student loans, a total of about $1000 each in the time that the subsidy has been extended (1 year). That's $7 Billion Van baby - where do you get $22 Billion?

Secondly - the loans in question are SUBSIDIZED by the Federal government. Students pay about 3% odd in interest and the Federal government (READ TAXPAYERS VAN BABY - YOU AND ME!!!) pays the other 3% odd!

So "Americans" are NOT saved $22 Billion - not even $7 Billion - THERE IS NO SAVING TO "AMERICANS" AT ALL VAN BABY!

It's taking from Peter to pay Paul - no more - no less!

Are you just stupid, or are you deliberately deceptive and misleading? No wonder with people like you campaigning to redistribute our wealth, this country is heading for bankruptcy!

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Beth Buczynski Beth is a freelance writer and editor living in the Rocky Mountain West. So far, Beth has lived in... more
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