The average graduate of the class of 2013 had over $30,000 of college-related debt. Nationwide, the balance of student loan debt now exceeds $1 trillion. Still suffering from a tepid economy, young people today are having more trouble than ever paying back their loans. Over 11% of student loan balances are more than 90 days past due.
The abundance of so much grim data raises the question: Why are so many people willing to jeopardize their financial well-being to obtain an education? The answer lies in many students’ false perception that they cannot obtain less than a bachelor’s degree if they want to get a good job.
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