America's New College Graduates Are In For A World Of Hurt

graduation rain

Photo: heraldpost on flickr

There’s no question college graduates are swimming in student loan debt, which is estimated at more than $1 billion nationwide.As long as Congress refuses to allow student debt to be forgiven in bankruptcy and the economy continues to lag,  the debt bubble will likely grow.

The latest Accounting Principals Workonomix Survey Series offers some insight into what recent graduates will be up against.

The research firm polled more than 500 alumni with a four-year degree on everything from their student loans and spending money to how well they understand their own finances. 

Recent grads leaving school with student loans or debt do so with an average of nearly $40,000.

Male grads owe more in debt than female grads.

Recent grads are disillusioned with the real world.

The reality of being a recent grad is quite grim.

These grads tend to wish they had been more proactive about finances in college.

The majority of grads understand their loan repayment options, but less than half know how badly defaulting on payments could impact their credit.

Grads would appreciate some financial education from their employers.

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