Impact of Student Debt on Career Choices and Quality of Life
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Impact of Student Debt on Career Choices and Quality of Life
- 1. International Management LUMNI TAKES THE US STAGE
- 3. David Bowie
- 4. Muhammad Ali
- 5. UNIVERSITY STUDENT HOW IT WORKS Financing Payment for education Education and related services INVESTORS LUMNI Social and Payment after graduation financial return
- 6. MARKET PROFILE THE HARD FACTS WORTH THE EFFORT THAT DEBT IS TROUBLE STUDENT LOANS COMPETITION LEGAL ISSUES IMCOME DISTRIBUTION
- 7. THE HARD FACTS $1 TRILLION 30% OF PEOPLE WILL NEVER BE ABLE TO REPAY THE DEBT OF STUDENT LOANS 37 MILLION BORROWERS 75% OF COLLEGE GRADUATES ARE WORKING AT JOBS THAT REQUIRE A DEGREE 30% SAY DEBT HAD AN IMPACT ON CAREER CHOICES $33 000 AVERAGE DEBT
- 8. WORTH THE EFFORT MEDIAN ANNUAL EARNINGS OF FULL-TIME WORKERS AGES 25-34, BY EDUCATIONAL ATTAINMENT, 2012 Less than high school High school diploma Associate's degree Source: nces.ed.gov Bachelor's Master's or higher $22,900 $30,000 $35,700 $46,900 $59,600 15 000 30 000 45 000 60 000
- 9. IMPORTANCE OF POSTSECONDARY DEGREE 92% 97% 94% 93% Very important Somewhat important Not very important Not at all important U.S. adults With high school diploma With some college With college degree WORTH THE EFFORT Source: gallup.com
- 10. WORTH THE EFFORT IMPORTANCE OF POSTSECONDARY DEGREE Source: gallup.com April 5 6 16% 29% 44% 0 25 50 75 100 A degree beyond high school is essential for getting a good job April 3 6 17% 34% 40% 0 25 50 75 100 Postsecondary degree leads to a better quality of life Strongly disagree Strongly agree
- 11. WORTH THE EFFORT IMPORTANCE OF POSTSECONDARY DEGREE 47% 43% 12,5 25 37,5 50 8% 2% 30% 50% 16% 4% 12,5 25 37,5 50 Very important Somewhat important Not very important Not at all important Candidate’s college or university major Where the candidate received his or her college degree Source: gallup.com
- 12. THAT DEBT IS TROUBLE AVERAGE DEBT PER BORROWER 35 000 $ 30 000 $ 25 000 $ 20 000 $ 15 000 $ 10 000 $ Source: nces.ed.gov 5 000 $ 2000 2002 2004 2006 2008 2010 2012 2014 Inflation-adjusted
- 13. THAT DEBT IS TROUBLE THE PERCENTAGE OF STUDENTS WITH LOANS 70% 65% 60% 55% 50% Source: nces.ed.gov 70 65 60 55 50 45 40 1993 1996 1999 2002 2005 2008 2011 2014 45% 40%
- 14. THAT DEBT IS TROUBLE TOP FINANCIAL PROBLEM FACING FAMILY April 0 25 50 75 100 Source: gallup.com College expenses/loans Lack of money/low wages Housing Other financial problems Healthcare 18 to 29 years April 0 25 50 75 100 30 to 49 years 21% 15% 14% 50% 14% 14% 13% 59%
- 15. THAT DEBT IS TROUBLE TOP FINANCIAL PROBLEM FACING FAMILY 20 15 10 5 0 2005 Source: gallup.com 2008 2011 2014 % Healthcare costs % College expenses % Utility/Energy costs
- 16. THAT DEBT IS TROUBLE PERCENT CHANGE FROM 2005 IN MEDIAN ANNUAL EARNINGS OF PEOPLE 25-34 WITH BACHELOR’S AND AVERAGE STUDENT LOAN BALANCE FOR PEOPLE UNDER 30 Source: nces.ed.gov, ny.frb.org 40% 40 35% 35 30% 30 25% 25 20% 20 15 15% 10 10% 5 5% 0 0% -5 2005 2006 2007 2008 2009 2010 2011 2012 Student debt Earnings -5%
- 17. THAT DEBT IS TROUBLE PERCENTAGE OF COLLEGE GRADUATES THRIVING IN 2 (OF 5) ELEMENTS OF WELL-BEING 12,5 25 37,5 50 Source: gallup.com 40% No student debt Less than $25 000 $25 001 - $50 000 Over $50 000 Financial well-being Physical well-being 31% 26% 25% 34% 30% 26% 24% 12,5 25 37,5 50
- 18. QUESTIONS AND COMMENTS ARE WELCOME
- 20. SOURCES apparat.cc lumni.net consumerfinance.gov nces.ed.gov projectonstudentdebt.org ny.frb.org gallup.com naceweb.org www.collegedata.com huffingtonpost.com businessweek.com forbes.com wsj.com nytimes.com businessinsider.com usatoday.com 2013 Gallup-Lumina Foundation Poll on Higher Education The 2014 Gallup-Purdue Index Report The Institute for College Access & Success. 2014. Should All Student Loan Payments Be Income-Driven? The Institute for College Access & Success. 2014. Student Debt and the Class of 2013 Edvisors. 2014. Student Aid Policy Analysis. Debt at Graduation Consumer Financial Protection Bureau. 2012. Private Student Loans Report Consumer Financial Protection Bureau. 2013. Student Loan Affordability National Center for Education Statistics. 2013. Digest of Education Statistics National Center for Education Statistics. 2014. Projections of Education Statistics to 2022 National Center for Education Statistics. 2014. The Condition of Education