While there’s been much news recently about college graduates burdened by student loan debt, the situation is much worse for students who do not complete college. According to a recent Washington Post article, nearly 30% of students who took out loans for college dropped out of school, and dropouts are four times more likely than graduates to default on their loans.
In addition to the debt, students who do not complete college earn on average significantly less income than their peers who do graduate. According to a recent article in The Chronicle of Higher Education, in 2010, individuals age 25-34 with a college degree earned 114% more than did those with only a high school diploma. The article also points out borrowing money is a reality for a significant majority of college students: the percentage of students taking out loans in 2009-2010 was 50% at four-year public institutions, 63% at four-year private nonprofit institutions, and 86% at four-year private for-profit institutions.
