This morning there was an article on Yahoo news that you might want to take a look at. It features graphs that shows the total  student loan debt compared to credit card debt and auto loan debt, and default rates on the three categories. You might have guessed already that student loan default is the highest, followed by credit cards and auto loans. According to the numbers presented: Student loan defaults in 2009 were about 9% and auto loans for the same time were just over 2%.

While not everyone will agree that borrowing your way through college is a good idea, the article shows a few statistics for wages, and some jobs will pay you almost enough during your first year of employment to repay your loans. Of course it isn’t practical to pay every cent you make to service your debt, but for high paying jobs the hope is that you will be able to budget in enough to get that debt paid off. The problem currently is that many graduates are not getting high paying jobs and they are unemployed  or under employed and yet still have to pay rent and other living expenses regardless of their low wages.

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