Kelsey Wagner |Staff Writer|
Many college students express grief and frustration in response to their growing debt.
Students face financing their education expenses as student loan debt has accumulated to more than $1 trillion in the United States, according to American Student Assistance (ASA).
“Student loan debt has now surpassed credit card and auto loan debt and is rising steadily,” reported Fox Business.
Student Stev’ne Owens shares why its a struggle juggling school, finances, and home life.
“I have a friend, who had academic dismissal, [she was busy] with childcare [of her children] and working, less time to focus on school,” said Owens.
“We’re supposed to graduate together.” Another student, Samantha Jordan, explains the perils of balancing school in conjunction with her other responsibilities, “Students are dropping out of school to take care of family.”
Those who drop out of college before earning a degree struggle the most with the repayment of loans, according to ASA.
Student Edith Garcia said, “I know people who work so much to afford school and sacrifice [a lot]. Getting a Bachelor’s degree means less and they charge more for it.”
It is a popular belief that students who study less and get poor grades are more likely not to complete a degree.
Garcia expressed his frustration, “[The] longer you are on financial aid the less likely you are to get it. [Students] need to graduate as soon as possible, but summer options are like $2,000 [for a class or two]. It is not worth it.”
Jon Miller said, “I think students should take out a student loan rather than work.”
Finaid.org calculates that, “Total student loan debt is increasing at a rate of about $2,853.88 per second.”
A report in Forbes revealed that, “By 2012 the average U.S. student loan debt climbed to $27,253 — a 58 percent increase in the last seven years.”
According to research conducted by UCLA, students who work on campus part-time typically do better in school, however, in this study the majority of the participants surveyed believed working while in school negatively impacted them.
Alejandro Martinez said, “Trying to balance school and work,” is a struggle for students.
For those who are graduating with student loans, the reality of debt is setting in.
Like other students, Owens, who is graduating in June, wants to attend graduate school, but due to the lack of finances, she has to put a hold on her education.
Owens is considering enlisting in the military, “I barely make minimum wage as a security guard; I have a child, farthest thing I want to do is military.”
The interest rates of student loans are expected to nearly double within the next year.