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By Catholic Online (NEWS CONSORTIUM)

11/5/2012 (2 years ago)

Catholic Online (www.catholic.org)

Costs of college education, home, weigh against future generations

Here's a disquieting thought: If Americans under the age of 18 were required as a group to pay off the entirety of the federal government's debt in equal shares, each would now need to pay about $218,676. Furthermore, that's more than the $130,468 average price tag for four years at a private college, or the $173,100 median price for an existing one-family home in the U.S.

Borrowing all the money needed to pay for a four-year private-college education through college loans, nor borrowing all the money needed to buy a median-priced home would put as much debt on the shoulders of young Americans as the federal government already has.

Borrowing all the money needed to pay for a four-year private-college education through college loans, nor borrowing all the money needed to buy a median-priced home would put as much debt on the shoulders of young Americans as the federal government already has.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/5/2012 (2 years ago)

Published in U.S.

Keywords: Economy, college costs, cost of home, debt, national debt


LOS ANGELES, CA (Catholic Online) - Under the Obama administration, the U.S. government debt has increased from approximately $143,255 per American less than 18 years of age to approximately $218,676 per American under 18, an increase of $75,421 or about 53 percent.

According to the Bureau of the Public Debt, as of November 1, the total national debt was $16,221,685,381,838.28, On Jan. 20, 2009, when Obama was inaugurated, it was $10,626,877,048,913.08. During Obama's presidency, the U.S. government debt has increased $5,594,808,332,925.20.

According to the 2010 Census said there were 74,181,467 people in the United States under the age of 18. Thus the total U.S. government debt of $16,221,685,381,838.28 equals about $218,676 per person under 18, and the $5,594,808,332,925.20 in new debt accumulated under Obama equals about $75,421 per person under 18.

According to the Census Bureau's 2012 Statistical Abstract of the United States said the median price of an existing one-family home was $173,100 in 2010, which was the latest year included in the abstract.

The U.S. Department of Education's National Center for Education Statistics says that in the 2010-2011 school years the average price for total tuition and room and board for a full-time undergraduate at a four-year private college or university was $32,617. Were that rate to remain constant for four years, an undergraduate degree from a private college would cost about $130,486.

Borrowing all the money needed to pay for a four-year private-college education through college loans, nor borrowing all the money needed to buy a median-priced home would put as much debt on the shoulders of young Americans as the federal government already has.

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