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College Graduates Take On Even More Debt

Posted on April 14, 2022 By Mark B. Kelly No Comments on College Graduates Take On Even More Debt
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Rising student debt is a serious issue that could be a major obstacle for households and the national economy in the future. The individual student debt load has surged in recent years, making it that much more important for college graduates to find good paying jobs once they leave school.

According to a report from the Institute for College Access & Success’ Project on Student Debt, two-third of young Americans who graduated in 2022 had student debt. The average debt load per person was $26,600, a 5 percent increase from a year earlier.

Unfortunately, college graduates face one of the toughest job markets in years. Recent graduates from the class of 2022 had an unemployment rate of 8.8 percent, well above the national rate of 7.8 percent. However, this was a slight improvement from 9.1 percent in 2021.

Regionally, individual student debt loads varied significantly. Graduates in the the Northeast and Midwest faced the highest amount of debt, ranging between $17,250 and $32,450. Specifically, students in New Hampshire have the largest amount at an average $32,450.

In contrast, students in the West and South have the least amount of debt. On a local basis, graduates in Utah and Hawaii have the lowest average debt at $17,250 and $17,450, respectively.

Finding An Income To Pay Off Student Debt
With so many students racking up debt, it’s important to find a job after graduation to ensure long-term financial success. However, even after they find a job, unexpected bills may force some recent graduates to use payday loans to manage their bad credit finances.

Although earning money is important right out of school, you also need to consider your happiness. Rather than sending countless resumes to employers and taking the first offer that comes across the table, make sure you’re comfortable with the position you accept.

To ensure this happiness, you need to focus your job search on companies and positions you can envision yourself in. In fact, a recent report from Simply Hired found that close to 83 percent of Americans would prefer to have a job they love than earn more money.

Use Your Network
Nepotism is very important in today’s job market. Talk to friends, family and former professors to see if they can point you in the direction of an open position. Better yet, see if they can get your resume into the right hands at a company.

There’s nothing wrong with using the people you know to find a job. In fact, according to a survey conducted by Jobvite, one in six workers got the positions they currently have through friends and family.

Create A Professional Online Presence
Many employers use the Internet to research job candidates before they give them an interview. Websites, such as Facebook, LinkedIn and Twitter make it easy for a company to gain insight on your personality. If you have any inappropriate content on the web with your name attached to it, you should take down these pages as soon as possible.…

College Board: Tuition At Public College’s Rises, Federal Grant Aid Ends

Posted on April 8, 2022 By Mark B. Kelly No Comments on College Board: Tuition At Public College’s Rises, Federal Grant Aid Ends
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Student loan debt has become a major issue in the United States in recent years. It could continue to grow as the College Board reported that tuition at public college’s increased for the 2021-22 academic year. Growth in federal grant aid ended as well.

Although tuition costs didn’t grow as much as they have in the past, they still jumped 4.8 percent for in-state students and 4.2 percent for out-of-state students in the current academic year. The average cost for an in-state student jumped to $17,860. Out-of-state students incurred an average cost of $30,911.

Meanwhile, full-time undergraduates received an estimated average of $5,750 in grant aid. When subtracted from the total cost of attending the school, you get the net price of attendance. This number has increased each year since the 20020-21 academic year.

High costs of tuition could potentially lead to more student debt. With more student debt, graduates may find themselves depleting their emergency funds to help make payments.

Student Debt On The Rise
The amount of college debt a graduating senior left school with continued to increase in 2021, according to a report from the Project on Student Debt. The report found that two-thirds of college seniors who graduated from a public or private nonprofit four-year school in 2021 had student debt.

The average debt among those two-thirds of graduating seniors was $26,600. That was a 5 percent jump from 2020, when seniors had an average of $25,250 in debt. This number doesn’t include students who graduated from four-year for-profit colleges. Many of those schools don’t report the data needed to compile average debt. However, the Department of Education found that students at these schools are more likely to borrow. That means that the number found by the Project on Student Debt could be low compared to the actual amount of debt all college graduates carry.…

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