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Forget Savings: Many Employees Still Owe for College
Nearly one-third of business professionals are on the hook for between $25,000 and $50,000, according to Beyond.com.
By Garry Kranz
Long-Term Employee Debt: Various media reports bemoan the failure of U.S.
workers to build their savings accounts.
One big reason: about one-third of business professionals are still paying off
college loans, according to career networking site Beyond.com. Of those in debt,
approximately 32 percent owe between $25,000 and $50,000. Nearly half are trying
to satisfy obligations in the 10,000 to $25,000 range. Another 19 percent owe
$50,000 or more. About 2 percent have outstanding loans of less than $10,000.
Beyond.com says soaring college tuition is forcing more students (65 percent) to
borrow money today than 30 years ago, when 34 percent did so.
Workforce Management contributing editor Garry Kranz is based in Richmond, Virginia. E-mail editors@workforce.com to comment.
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Index: Quick Takes — October 2, 2007
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