Read Related: FAFSA Tips for ParentsWith 1.8 million Latino students attending college now, this means about 32% of our population will be earning college degrees. That sounds wonderful until you consider that 58% of Latino students graduate with unmanageable student loan debt, defined as debt payments of more than 8% of income, according to the Department of Education’s National Postsecondary Student Aid. The article Who Borrows Most?: Bachelor’s Degree Recipients With High Levels of Student Debt reports that 25% of all college students who earn a degree graduate with at least $24,600 in debt. Another 10% graduate with at least $39,300 in debt. The College Board says average debt is closer to $27,650, but that figure can balloon up to $100,000 due to interest and late payment penalties.
There are 1.8 million Latino students in college according to a new study recently released by the Pew Hispanic Center. The blogosphere is abuzz with good feelings about how these students are building good lives for themselves and preparing to enter the job market with necessary skills, but I haven’t heard a peep about what it costs to aspire to the first step in achieving the American dream.