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Monday, November 1, 2010

College debt should be paid off at the age of fifty-three

“In the four years it took to earn a business degree at Boston University, Tyson Hunter of Seattle ran up a debt of $152,000 in student loans. After graduation, he was hired by a market research company at a salary of $40,000 a year, well above what the average graduate makes right out of college. But his loan payments of $1,000 a month make up a third of his take-home pay. When he finally pays off his student loans, he will be fifty-three years old and will have paid $300,000 in principal and interest. To save money on rent, he has moved into his mother’s condo.” "The Five-Year Party" by Craig Brandon

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