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A recent study conducted by Georgetown University’s Center on Education and the Workforce showed that nearly 30% of college grads with associate’s degrees make more money than those with bachelor’s degrees. In several states, community college graduates make more, right out of school, than graduates of four-year universities. For example, community college graduates in Tennessee make an average annual income of $38,948. This is approximately $1,300 more than the average salaries for graduates of four-year institutions. The Georgetown Center estimated that approximately 29 million current jobs paying middle class wages require only an associate’s degree.

Most college grads with bachelor’s degrees eventually catch up to community college grads in earnings by mid-career; however, another factor to consider is that four-year degrees are more expensive than two-year degrees. The increase in wages for community college grads is attributed to a recent high demand for people with “middle-skills,” such as: radiologists, lab technicians, paralegals and machinists. According to CareerBuilder.com, air traffic controllers can make $113,547, radiation therapists can make $76,627 and registered nurses can make $65,853, all of which are two-year community college degrees.

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As student loan debt in America continues to grow, college graduates continue to have trouble finding jobs and paying off their debt. Instead, many graduates are enrolling in further schooling, which is deferring their repayment but deepening their debt. Student loan debt has now reached the $1 trillion mark, surpassing auto-loan and credit card debt.
This year, the average amount of student loan debt per borrower averaged about $25,000, that’s a 25% increase from 10 years ago. However, it is not just young adults suffering from student loan debt. A recent study revealed that the baby boomer generation (60+ years) owes about $36 billion in student loans. The Federal Reserve Bank of New York reported that about one-third of student loan payments are at least 30 days delinquent, nationwide. Not to mention, since new bankruptcy laws in 2005 were passed, the majority of student loan debts are unable to be discharged through bankruptcy.
President Obama has openly voiced his concern about the student loan debt crisis, proposing many ideas before Congress to aid struggling borrowers. Although Obama has shown his concern, he still promotes the importance of a higher education. Many Republican candidates find his ideas about modifying student loan repayment, creating ways to make repayment easier, and student loans in general to be a burden to the government. Former Senator, Rick Santorum announced his belief that rather than promote higher education and utilization of student loan programs, the focus should be on promoting blue collar jobs that do not require a college education.
To read more on this story visit: http://www.nacba.org/News/NACBANews/tabid/87/articleType/ArticleView/articleId/277/Associated-Press-Explosion-in-Student-Loan-Debt-Reaching-Crisis-Proportions-But-Largely-Flying-Under-Radar.aspx
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com

Tag: Higher Education

Community College Grads Out-Earn Bachelor’s Degree Holders

Student Loan Debt Reaches the $1 Trillion Mark