BANKRUPT BLUES* In 2008, 67 percent of students graduating from four-year colleges and universities had student loan debt. That represents 1.4 million students graduating with debt, up 27 percent from 1.1 million students in 2004.In 2008:* 62 percent of graduates from public universities had student loans.* 72 percent of graduates from private nonprofit universities had student loans.* 96 percent of graduates from private, for-profit universities had student loans (a major increase from 2004, when 85 percent of these graduates had student loans).Source: Debt Facts and SourcesOUT OF POCKETHere are some examples of annual costs students at various colleges can expect (based on 2009-2010 estimates):* Harvard University — $45,550* Centre College (ranked by Forbes as the best college in the South) — $40,750* South Carolina State University — $25,488 (out-of-state students)* University of Tennessee at Chattanooga — $7,068, tuition for 12-hour enrollment (dorm rates not included)Facebook: Teen Voices @ TFP
By Jaya Todai
Valley Voices Staff Writer
Red Bank senior CJ Davis said his parents agreed to pay for half the college tuition that remained after he earned merit and financial aid. CJ will have to cover the rest. With an average yearly tuition of $7,020 for public universities and $26,273 for private universities, according to the College Board, financing for the future is a top priority.
“Paying for college is one of the most important aspects of the application process,” CJ said. “I take it very seriously.”
Statistics from the Project on Student Debt show that graduates from 2008 garnered average college debt ranging from $20,200 to $33,050.
According to the College Board, 45 percent of last year’s undergraduates took federal loans at 24 percent greater than student loans taken in 2004.
“It’s our nature as teenagers to worry about loans only when we have to pay them back,” said CJ, who ultimately received a full scholarship to the University of Tennessee at Knoxville.
Dianne Cox, director of financial aid at the University of Tennessee at Chattanooga, said that, generally, loans are a “good risk … if you don’t borrow too much.”
According to Ms. Cox, “people who borrow more than they need to cover their direct costs and then drop out (of school) have the greatest problems.” She suggested that parents pay for incidental costs to minimize student loans or that students start a work-study job to pay the “fun money” for their social lives.
“Students need to ask themselves, ‘What field am I going into?’ and take a harder look at how much money they are borrowing,” she said. “You never know what the future is going to hold. … Students who are willing to put the time and energy into applying for scholarships reap the benefits.”
She suggested beginning research on financial aid and scholarships during junior year, as essays and recommendations often are required. Experts also encourage parents and children to work together to become educated about options for financing college educations.
“We encourage families to learn as much as they can about the vast variety of ways to pay for college, whether it’s grants and scholarships, your own college savings plan and student loans. Making an informed decision about making the investment in a way that’s right for you can pay lifetime dividends,” said Patricia Nash Christel, a spokesperson for Sallie Mae.
Ooltewah High School junior Anna Marie said she has heard many complaints from adults about paying off student loans.
“I don’t want to be stuck with (paying off loans),” she said. “It sounds awful.”
She said that if she were to take a college loan, she would discuss the financial consequences with her parents. “But,” she added, “if I really had my heart set on a college, I would work my way through school to pay it off.”
Jaya Todai is a student at Girls Preparatory School.