Is College Worth It During A Recession?
The price attached to a college degree is making a lot of people wonder if it is even worth it these days to enroll. Students who are not eligible for financial aid must take out student loans. Within four years, they could be sitting with a debt of around $80,000. Loan payments may not be manageable upon graduation and many students cannot bear to face the reality that they may be deeply in debt and have bad credit once finishing college.
For years, all high school students were expected to attend college. This belief is so deeply held that many students still borrow tens of thousands of dollars so that they can attend a prestigious public or private college. But as we are in the midst of this current recession, many grads are discovering that the college payoff can be put off—at least for now.
Unlike high school grads who are out of work, many unemployed college grads face the burden of student loan repayments. Well over half of bachelor’s degree earners last year graduated with an average debt of $23,000.
New graduates also face a diminished job market. Employers are expected to hire 22% fewer grads in 2009 than what they hired in 2008.
All of this is leading to more and more high school grads finding jobs right out of high school. They plan to work for a year or two and see if the economy starts looking brighter.
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