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Monday, September 22, 2014

Another angle on the collateral damage of college finance

We recently posted an article about how college debt is an inhibitor to graduates starting businesses.  
College grads with big debt payments have fewer options as a result of the minimum college loan payments they make every month.

This study at tells the tale of another unintended consequence of college debt – they also can’t afford to buy a home.

Here is the gist of the report:

“Student debt has ballooned from $241 billion to $1.1 trillion in just 11 years.

29 million of the 86 million people aged 20–39 have some student debt.

Those 29 million individuals translate to 16.8 million households.

Of the 16.8 million households, 5.9 million (or 35%) pay more than $250 per month in student loans, which inhibits at least $44,000 per year in mortgage capability for each of them.”

Reminds me of that Toby Keith song: “I wish I didn’t know now what I didn’t know then.”

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