Your College Grad Worrying over Student Loan Debt?
Are you preparing for college graduation? Not you personally, but your future college graduate who you’ve raised from sippy cups to grown people show size. There will be pictures with grandmas, grandfathers, aunts and uncles. No doubt a super feast waits afterwards. But after all the celebration and congratulation grad cards are opened the thought of what’s next has to have crossed the mind of you and your newly college graduate. What’s your dream for your child after graduating college? A job right? Or maybe acceptance into graduate school? Well if they didn’t go to school on grant money, scholarships or your generous savings the question of what to do about the student loan people, sure to be calling soon, is a concern. I know it was for me. According to a recent report by Gallup black college graduates have increasingly relied on at least some student loans to finance their education. This has led to:
- Half of 2000-2014 black college graduates in the U.S. report graduating with more than $25,000 in undergraduate student loan debt.
- 34% of recent white graduates report similar levels of debt
- The wealth of white households was 13 times the median wealth of black households in 2013
- The wealth of white households is 10 times the wealth of Hispanic households in 2013
I used to feel some kind of way about my own student loan debt, until I heard President Obama state that the ink not too long ago dried on the final payment for he and the First Lady’s student loan debt. While I had to take on loans to finance my education, I am praying that our kiddos will not have to. Hopefully when it’s time for them to graduate, debt won’t be heavy on their mind. The only thing I would hope they are burdened with come graduation time is which job offer or graduate school to choose (fingers and toes crossed).
Is your recent college graduate ready to take on student loans…alone?