In an ideal world, tuition costs would not be an issue when contemplating one’s future career. Unfortunately, the reality facing students living in America today is very different, as they must think about how long it will take to pay off their debt once they start working full time.
According to CNNMoney, the average student loan debt for college school graduates in 2012 was $29,400. The rate has been consistently on the rise of about 6% annually since 2008. Today’s struggling economy, coupled with the lack of jobs, the rise in the cost of education and demand for higher education in the job field equates to a disastrous future for many students.
This slideshow compiles a list of how long it would take to fully pay off your college tuition depending on the different professions.
*This is the amount of time it would take you to completely pay off your student loans, if you worked everyday without spending a dime. In reality, the time it takes to pay off your debt may be longer, for additional unique factors, such as taxes, type of loan, personal expenses, time it take to find a job, and other college fees (insurance, books, and etc.), were not taken into account.
Latest posts by Theresa Kim (see all)
- Are Banks Open on Memorial Day? - May 22, 2015
- Comparing Wire Transfer Fees at the Top 10 U.S. Banks - March 23, 2015
- Is Chase Open on MLK Day? - January 19, 2015
Find the best bank account for you now.
See how much you can save in just a few steps.