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STUDY: College Grads Can Have More Debt Than Non-Grads
By Joe Gullo
A college degree may earn you higher wages, but it's likely you'll be stuck with more debt. Those are the findings of a new study by the Pew Research Center.
The study found that people under 40, who took out student loans, have almost twice the overall debt load of those who graduated without debt. That's because they are also racking up car loans, credit card debts, and mortgages.
Student loan strapped people typically have a median net worth of about $8,700. That's way behind peers without student loans whose median net worth is just under $65,000.
So is a college degree a bust? Not necessarily, those with a college degree earn nearly twice as much as people without bachelor's degrees.
The report also says that college graduates outearn those with less education.
The typical household income of college-educated student debtors is more than $57,000, nearly twice that of those who do not have a bachelor's degree and that gap is growing.