The cost of earning a bachelor’s degree in the U.S. is incredibly expensive, as evidenced by the fact that freshly minted college graduates in 2010 carried an average student loan debt of $25,250. For in-state residents, the average cost of attending a private college is $119,400 and $33,000 for a public university. You would think that a bachelor’s degree would immediately open excellent doors for grads. However, as this infographic illustrates, 1 in 2 new graduates are unemployed or underemployed. Eventually, these graduates will want to buy a home and car and get married. The debt load will only continue to swell given that the average home mortgage is $240,000 and the average cost of a new car is $30,748. A wedding and honeymoon can cost over $30,000. If a couple plans on having a child, they should know that raising a child to the age of 18 costs a middle income family an average of $226,920.
Life doesn’t get any easier as we age; it only becomes tougher. Americans over 60 still $36 billion in student loans and the average debt by retirement age is over $70,000. This infographic presents a very important message: Always borrow responsibly. Do you consider yourself to be financially stable and responsible? Please discuss!