Students Expect 10+ Years of Student Loan Debt
Majority of Student Loan Recipients Expect it to Take More Than 10 Years to Pay Off Loans
MILWAUKEE, WI--(HR MARKETER)--March 16, 2007--CollegeGrad.com, the #1 entry level job site, today released its survey results on how long college students anticipate it will take them to pay off their student loans. 51% of student loan recipients say it will take them more than 10 years to pay off their student loans. That's a 5% increase compared to two years ago.
Considering the increase in interest rates for federal student loans, combined with the ever-increasing sticker price of a college education, it's not surprising that students are faced with larger student loan bills upon graduation, and a lengthier payback period.
"The financial demands being placed upon college graduates are increasing," said Brian Krueger, President of CollegeGrad.com. "Being saddled with debt after college is a primary driver to finding a post-graduation job early."
With only a six-month grace period before having to begin payments on their loans, it is critical for graduates to quickly begin earning a steady income. Graduates are faced early-on with some of the tough financial realities of the real world. Krueger points out, "having a steady income is important for future financial success. It affects credit records and the ability to take out loans for things such as buying a car or a house."
Students often receive loans from a variety of institutions. Upon graduation, they are typically faced with not just one student loan bill, but a set of multiple bills. A popular student response is to consolidate their loans, which will roll all of their high-interest payments into one lower interest monthly bill.
Students have an opportunity to start off on the right financial footing by having a job offer in-hand by the time they graduate. CollegeGrad.com is a great first stop for entry level job seekers. Job seekers can use the resume templates to create or update their resume, research more than 300 entry level career fields, and apply directly to relevant entry level positions by visiting the CollegeGrad.com job board.
Following are the overall survey results:
How long will it take to pay off your student loans?
The survey was conducted nationally using an online poll placed on the CollegeGrad.com home page during February, 2007. The results are based on more than 1300 respondents.
CollegeGrad.com is the #1 entry level job site on the Internet and is the leader in the field of entry level job search. Brian Krueger is President and Founder of CollegeGrad.com and author of the best-selling book for entry level job search, College Grad Job Hunter.
Brian Krueger, President and Founder of CollegeGrad.com, is available for further interviews with national media on topics related to Internet job search and entry level college student hiring trends. Contact Heidi Hanisko to obtain contact information.
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