Shackling College Debt

Staff Writer: Olivia E. Bernal

Leaving college without any debt is becoming more difficult as college tuitions continue to skyrocket; the current US student loan debt being $1.4 trillion- $620 billion  more than the total national credit card debt.

An estimated 44 million Americans have student loans, and about 70% of people graduating in the US with a bachelor degree are doing so with debt. Coming right out of high school only to shackled by debt in college is the sad fate of many, all while a college degree is becoming more necessary to compete in today’s workforce.

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“I’m a student with $25,000 in school loans. I’m the 99%.”

 

Students attending Georgia’s public colleges and universities are bracing for the 2% increase in tuition next  fall. While it does not seem like much, CBS reported college tuition has rising throughout the decade and is above the inflation rate of public colleges and universities around the country.

Chancellor Hank Huckaby said Georgia’s rises in tuitions are important to maintaining the overall quality of the state’s colleges and universities.

“To ensure we can continue to offer quality public higher education, we must continue to invest in our institutions,” said Huckaby.”We have carefully assessed the tuition rate for our institutions to make sure  we are balancing the increasing cost of providing public higher education while keeping tuition and fees as affordable as possible.”

The standard repayment plan for a federal student loan is in ten years, however, statistics show the average person with a bachelor degree takes 21 years to pay off their debt. This can affect their credit overall, and then there are the dreaded late fees.

“It all lines up against a story that is intuitive, yet a big challenge,” stated Brendan Coughlin, the  president of education finance for Citizens Financial Group.

“Students going to school understand that they’re going to have to pay back their loans over some time, but they’re not planning as well as they perhaps need to really understand the return on investment of their education, based on the career they want to have.”

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A person who is graduating with student debt.

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