Exploring how debt and tuition may be related to income and unemployment across the US.
Debt is a growing problem for many students graduating from US universities. Over two-thirds of students have some amount of debt when they graduate. The Institute for College Access and Success estimates that the average debt for graduating seniors is $26,000. In order to repay their debt over a 10 year period at a 3.8% interest rate, it will cost the borrower approximately $320 a month. Furthermore, over the 10 year repayment term, the borrow ends up having to repay $38,000 due to compounding interest. This limits their savings and results in them having difficulties buying a home or starting a family.