Released: April 22, 2007

Math lesson for college grads

Source: Kathy M. Kristof, Los Angeles Times (Free Registration)

Millions of college seniors are interviewing for their first full-time jobs in preparation for stepping out of the hallowed halls of education and into the real world.

And with it comes a world of debt.

“These kids have it tougher than people did in the past,” said Mike Sullivan, director of education for Take Charge America, a Phoenix-based credit counseling firm. “They are graduating with a lot more debt, but starting salaries are not that much higher.”

The problem: To a graduate who has never paid taxes or a mortgage, a starting salary of $30,000 may seem like a fortune — plenty to support an elegant apartment or a new car.

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