Paul TostoCollege costs are rising faster than incomes and student loan debt is through the roof. That’s led to all kinds of hand wringing about whether college is worth it.
But every time we’re ready to ditch that part of the American Dream, it seems that new data surface to tell us to hold on.
Newly released numbers on wealth and asset ownership by the Census Bureau show education still deeply divides the haves and have-nots.
| Median Value of Household assets 2010 | |
|---|---|
| No High School Diploma | $7,270 |
| High School Graduate Only | $42,223 |
| Some College, No Degree | 43,580 |
| Associate’s Degree | $58,861 |
| Bachelor’s Degree | $142,518 |
| Graduate or Professional Degree | $245,763 |
College seniors who graduated in 2010 carried an average of $25,250 in student loan debt, according to the Project on Student Debt.
Minnesota students graduated in 2010 averaging $29,000 in loan debt, about $1,500 more than the previous year.
No one should let debt overwhelm them. The New York Times wrote recently of a generation of students who took on more college debt than they could afford and are struggling badly now in a weak economy.
But that’s different than saying college isn’t worth it. For most of us who aren’t entrepreneurs or super geniuses, college offers a real opportunity to build wealth.
— Paul Tosto