Fewer earnings anticipated by student but they're still optimistic

Individuals of the age group of college students expect to earn less over their lifetime than their parents. However, they expect a greater degree of personal satisfaction. An AP survey of individuals ages 18 to 24 revealed that younger individuals, especially those saddled with higher amounts of student debt, expect a lower quality of life than their parents.

Less money and more happy in the younger generation

MSNBC states that many in college feel like they won’t be making any money although they’ll be happy still. Goals for instance raising a family and buying a home are considered more difficult than before for 40 percent of survey respondents which were 18 to 24 years old according to a poll done by Viacom and the AP. When it comes to life, 25 percent believed they’d have it simple. They assumed it would be easier than their parents’ lives were. About 90 percent of the survey subjects believed they would eventually discover a career they find fulfilling.

Increase in student debt

The increased costs making a harder living is what people in the AP survey said would take place. Student debt has increased a lot in this age group. The average college graduate has about $24,000 in loan debt, according to the New York Times, which at an interest rate of 6.8 percent demands a payment of $276 per month, and student loans cannot be discharged in bankruptcy. According to the Department of Education, 65.6 percent of undergraduates from 2007 to 2008 got financial aid. Then, another 38.5 percent got student loans. According to the Department of Education, subsidized Stafford loans were taken out by 30 percent of undergraduates. Another 22 percent took out non-subsidized Stafford loans while at school.

Picking an investment

The bureau of Labor Statistics reports that the average earnings with a college degree are $53,000 a year. Hardly anyone gets it quickly though. A college degree is not a guarantee of quickly falling into a healthy income, however it increases the likelihood that a person will earn a solid middle class income during their lifetime. The 2009 statistics showed that there’s a 4 percent lower rate of joblessness among college graduates than high school graduates. That means the chances of being unemployed goes down also. Now it is costing more to get a degree. Education does not come cheap.

Information from

MSNBC

msnbc.msn.com/id/42643248/ns/business-your_retirement/

Department of Education

nces.ed.gov/fastfacts/display.asp?id=31

New York Times

economix.blogs.nytimes.com/2011/04/15/how-worrisome-is-student-debt/?partner=rss&emc=rss

Bureau of Labor Statistics

bls.gov/emp/ep_chart_001.htm