The cartoon below provides a tongue-in-cheek alternative payback method for unemployed or under-employed recent college graduates!
Currently the recent college graduate unemployment rate in the nation is running in the range of 8.5% compared to the overall national average under 6% (new employment data will be released tomorrow).
This statistic, when coupled with an average individual student loan debt burden of more than $29,000 and outstanding aggregate student loan debt nationally above $1 trillion, poses a problem.
In addition there are few parents of college-age students who haven’t heard the stories of college graduates unable to find full-time work in their chosen field instead taking part-time jobs or unpaid internships simply to build their resume.
But the point of this article is certainly not to say that the argument for attending college cannot be a strong one, particularly when comparing the earnings of those in the post-recent college graduate stage of life, 25-32-year olds, where those with a college degree earn on average $46,000 and high school grads $30,000.
Bottom-line? It’s a bit of a quandary but I suppose the quick answer is that incoming college freshman need to choose a major carefully while at the same time trying not to overextend financially on expensive schools that may not be in the top-tier when quality in-state schools are available.
All of that having been said, this cartoon sent to me offers an alternative and humorous tongue-in-cheek idea for paying back student loans.
Written by Michael Haltman, President of Hallmark Abstract Service, New York.
HAS is a provider of title insurance in New York State for residential and commercial real estate transactions specializing in the areas of New York City, Long Island and Westchester.
And remember that although your attorney will likely recommend a title insurance provider, you always have the right to choose your own title company (click here to learn more)!
If you have any questions you can reach Michael by firstname.lastname@example.org.
Cartoon H/T Arnie WuhrmanGoogle+