College Debt – Who Doesn’t Graduate with It?

It’s that time of year again; registration readiness posters are all over campus. We all know what registration means – that tuition bill will follow shortly after. Students talk all the time about the amounts they have to borrow in student loans to afford college. Unless you’re one of the few who graduates debt-free thanks to family or scholarships, it is a stressor that is constantly in the back of the mind of students.

When I log in to my federal student loan account, what is one of the first things I see? How much payments per month will be after graduation. Only two years into college, it is a reminder of the need to get a job that will pay well.

            According to an article in US News, “Student Loan Expectations: Myth vs. Reality”, student loan debt is making half of current students reconsider if they should finish their degree. Standard repayment plans expect the loans to be paid back in ten years, but former student say they expect it to take about twenty years to pay back. Most students are also disconnected from the reality of how long it will take and what repayment options are.

            Even though students get a lot of emails telling them information about their student loans, most probably ignore or delete them. Loans cause more stress and anxiety on top of normal college stress. Students should read the emails or ask finance offices questions to understand their loans more. Student finance offices usually offer a lot of information on the loans process. This is something that could help students understand what will actually happen after graduation for repayment, and maybe the amounts borrowed would be less, or it would affect their decision about where to attend.