After graduation many students will trade in the burden of homework for the burden of loan debt.
A National Student Loan Survey study published in 2003 found the average undergraduate debt increased 66 percent since 1997 and the median undergraduate debt rose 74 percent.
"It's stressful," said Savannah Gamble, sophomore nursing major, when speaking about starting life after college with student loan debt.
Sophomore marketing management major Marlon Julius estimates after his graduation he will have $50,000 in loan debt. He expects it will take him 10 years to pay back the loans.
"Some things you have to cut back on," he said. "You have to make sacrifices."
I have "quite a few loans," said sophomore communications major Benjamin Hubbard. He expects to have $20,000 in loan debt when he graduates. He also said the interest rates on loans should be cut in half to help students.
Debra Ann Brown, assistant director of financial aid, said the problem of student debt due to loans has increased.
This is due, in part, to rising tuition prices without a student's eligibility changing, according to Brown. She also said she has seen instances in which students will reach the maximum amount of loans they can receive. At this point, the student has to pay out of pocket, dropout or seek private loans.
Though private loans seem to be a good option, in order to obtain one a credit check is performed and the fact the student already has outstanding loans is frowned upon. Furthermore, interest rates on such loans are usually higher.
Another problem, according to Brown, is students accepting more financial aid than they need. If the amount you need exceeds the amount you are entitled to, do not take it.
Brown recommended, "getting a part-time job, being frugal with your money, and taking only what you need."
