Chart of the Day: Student Loan Growth
From the Economist:
Questions for students:
- What is average student debt (see left hand axis) and %age of students who graduate with loan debt (right hand axis) in 2015?
- How would you describe the recent trends for both of these metrics?
- Taking the average student debt at graduation of $35,000, what would be the monthly loan payment, assuming a 10 year term? Here is a handy student loan repayment calculator.
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.