A college degree is no guarantee of workplace benefits. “In 2013, 68.9% of employed new college graduates did not receive health insurance through their employers and, in 2011, 27.2% received retirement coverage(down from 41.5% in 2000).” Many recent college graduates are un- or underemployed. “In 2011 50% of college graduates under 25 years old had no job or part-time job. The unemployment rate for recent college graduates was 8.8% in Feb. 2013, down from 10.4% in 2010, but up from 5.7% in 2007. The underemployment (insufficient work) rate for the class of 2013 was 18.3% According to the Federal Reserve Bank of New York, 44% of recent college graduates were underemployed in 2012. The student debt is $1.2trillion and it’s continuously increasing which is crippling students, parents and the economy. “The average borrower will graduate $26,600. While we’ve all heard the screaming headlines of graduates with crippling debt of $100,000 or more, this is the case for only about 1% of graduates, that said, one in 10 graduates accumulate more than $40,000 in debt and about 1% have $100,000 in debt”. Student loan debt mostly forces college graduates to live with their parents and it delays marriages, financial independence, and other adult milestones. …show more content…
“Over 25% of students who enroll in college do not return for the second year. About 44% of students at four-year colleges dropped out according to a Feb. 2011 student. The federal government allocated $176.83 billion for college loans, grants, tax benefits, and work studies in 2013. State governments spent $81.2 billion supporting public colleges in 2012. Students who started bachelor’s degrees in the fall of 2002 but did not graduate within six years account for $3.8 billion in lost income, $566 million in lost federal income taxes, and $164 million in lost state income taxes in one