Students Expect 10+ Years of Student Loan Debt

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Majority of Student Loan Recipients Expect it to Take More Than 10 Years to Pay Off Loans according to CollegeGrad.com survey of more than 4000 recent graduates.

CollegeGrad.com--the #1 entry level job site--today released its second annual survey results on how long college students anticipate it will take them to pay off their student loans. Fifty-one percent of student loan recipients say it will take them more than 10 years to pay off their student loans. Although last years numbers were similar, the 51 percent represents a five percent increase from three years ago.

Considering the increase in interest rates for federal student loans, combined with the ever-increasing sticker price of a college education and a faltering economy, it's not surprising that students are faced with larger student loan bills upon graduation, and a lengthier payback period.

"The financial pressures being placed on college graduates are growing each year," CollegeGrad.com Spokesperson, Adeola Ogunwole said. "Being weighed down with debt after college makes quickly finding a post-graduation job a priority for most students."

With only a six-month grace period before having to begin payments on their loans, it is critical for graduates to quickly begin earning a steady income. Graduates are faced early-on with some of the tough financial realities of the real world. Ogunwole points out, "finding a job that produces a steady income is very important in establishing the credit needed when applying for home and, or car loans."

Students often receive loans from a variety of institutions. Upon graduation, they are typically faced with not just one student loan bill, but a set of multiple bills. A popular student response is to consolidate their loans, which will roll all of their high-interest payments into one lower interest monthly bill.

Students have an opportunity to start off on the right financial footing by having a job offer in-hand by the time they graduate. CollegeGrad.com is a great first stop for entry level job seekers. Job seekers can use the resume templates to create or update their resume, research more than 300 entry level career fields, and apply directly to relevant entry level positions by visiting the CollegeGrad.com job board.

Following are the overall survey results:

How long will it take to pay off your student loans?

  • I have no loans - 28%
  • Less than 5 years - 14%
  • 5-10 years - 21%
  • More than 10 years - 37%

The survey was conducted nationally using an online poll placed on the CollegeGrad.com home page from August-October, 2008. The results are based on more than 4000 respondents.

About CollegeGrad.com:
CollegeGrad.com is the #1 entry level job site on the Internet and is the leader in the field of entry level job search.

Contact Info: Adeola Ogunwole, CollegeGrad.com, 1-800-991-4642 or contact us online.

Note: The information contained in this press release and associated information may be reprinted in whole or in part as long as full attribution is given to CollegeGrad.com as the source of the information. This is an exception of our standard copyright policy for the material on this page only.

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Adeola Ogunwole
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