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Wednesday, May 28, 2014

Whackademia Quote: Parents Clueless Regarding College Debt

     Figuring out the best way to pay for college can be overwhelming even for the savviest families. A new survey suggests that many people have no idea where to start. Almost half of the people surveyed by the Credit Union National Association, a trade group, said they don't know how many loans their children will need to pay for college. About one-quarter of parents said they were also clueless on the total dollar amount their children would need to borrow to pay for their college….

     Here's the reality: The average college student graduating this year will walk away with $26,500 in student lean debt….The debt load averaged $25,500 for someone earning a bachelor's degree from a public four-year college; at private, for-profit colleges, it was $39, 950….Several reports suggest that college graduates are bogged down by their debt. People with student loan debt are less likely to own homes than those without college debt….

Jonnelle Marte, "Many Blind to College Loan Needs," The Boston Globe, May 25, 2014

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