Working parents work tirelessly to help their children achieve their dreams, and have access to more opportunity. For many that dream includes college. And their intuition is correct: A college education opens doors to more job opportunities and higher life-time earnings. But ask any parent, and they will tell you, college is not cheap.
In fact, in 1981, the annual cost for a four-year school was $8,672, but by 2011 it had reached a staggering $21,657. And barely half of the full-time students graduate within 6 years. For most families across this country, the idea of that student debt is scary. What is scarier is that most students and parents don't even know what they are paying for or how a future degree will help them make it in the world.
Which degree a student chooses to pursue or which school they choose to attend can have a major impact on whether they can get a job after graduation or how much they can eventually earn. This earning potential also has a major impact on whether the student can pay back the hefty debt he has racked up. Nearly one-third of borrowers who are under the age of 50 are over 90 days delinquent on their student loan bills.