2014 college graduates will want to try and find a high-paying job as soon as possible. New data suggests the average student will owe $33,000 in student loans.
So, the class of 2014 doesn't have to worry about holding this title of the most 'indebted class ever' for very long, because they will likely be eclipsed by next year's class.
According to the Wall Street Journal, the average 2014 graduate holding student loans will have to pay back $33,000. That's up from around $31,000 in 2013. Compare that to the 1993 class, which only had $10,000 in debt.
It wouldn't be so much of a problem if students were finding high-paying jobs right out of school, but that is not what is happening. An article on PolicyMic.com points out that between 2005 and 2012, the average student loan debt jumped 35 percent, adjusting for inflation, while the median salary dropped 2.2 percent. That means it's getting to the point where salaries are not easily going to cover those student loan payments.
According to 2012 data, the median salary for someone holding a B.A. was $46,900.
There are signs that our country's $1.1 trillion student loan debt crisis is having an impact on the entire economy. According to the New York Times, there is a connection between average debt and the plummeting number of 27 to 30 year olds taking out home mortgages.
As it stands, a college education continues to pay dividends. College grads typically are more employable and make significantly more than those working without degrees.