Interesting question to consider given this is the season of seniors graduating from high school and college.
Should only rich kids go to college? It seems like an absurd question. Yet evidence keeps mounting that, financially speaking, if you must borrow to pay for college you might be just as well off skipping higher education and going straight to work.
Some 37% of American households headed by an adult under the age of 40 have student loans outstanding—the highest share ever, according to a new report from the Pew Research Center. Their median student debt: $13,000. College loans in total run about $1 trillion and the Pew findings show that this burden weighs heavily on the finances of young Americans.
Households headed by a young college graduate with student loans outstanding have a typical net worth of just $8,700—a pittance compared to the typical $64,700 net worth of similar households only with no student loans outstanding. But that’s just the start. Those with student loans have total…
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