The New York Times came out with an article recently that discusses the debt many college students find themselves in as a result of trying to obtain a bachelors degree. This article titled, Burden of College Loans on Graduates Grows, identifies the growth of student loans being taken out by college students in order to pay for their higher education. As the number of loans being used increases so does the debt of students. The New York Times’ article mentions that debt in the form of student loans surpassed credit card debt last year and is only expected to grow. Also, that in 2008 two-thirds of graduates, with a bachelors degree, graduated with an average debt of $24,000. Mark Kantrowitz, publisher of FinAid.org and FastWeb.com, stated that sadly many former college students will still be trying to pay off their student debts when their children go off to college. Now is this just me, or does this sound completely abnormal.
Education, in my family, has always been very important. My mother was always after me making sure I did my homework and got good grades because in her opinion, the same as many others, I needed to be educated to advance in this country. She has worked as a farmworker for most of her life and has instilled the desire to achieve a higher education in her children. I have always seen a college degree as a door way to live a better life. However, it has not come cheap. I am about to finish college and finally obtain a bachelors degree; a degree that has put me in about $30,000 in debt.
I accumulated most of my student debt when I attended UC Santa Barbara right after I graduated from high school in 2004. However, due to family financial problems, rise in tuition, and my inability to pay for school I decided to transfer down to CSU Bakersfield where I could finish off my college education for the cost of only one year at UCSB. I was able to re-route my college educational journey to fit my lifestyle a bit better, however; I am still stuck with a $30,000 bill I have to hope and pray I am able to pay off once I finish school. One of the main reasons why I wanted to go to college was to better my life, now I hope that the debt I accumulated will not stop me from being able to do so. It is sad that in a country were so many people preach that education is the doorway to help out in the advancement of our communities and our people that it is always the first thing to be targeted when dealing with budget cuts and our countries economical problems.
If you would like to read the full article about the growth in student debt, it can be found here: http://www.nytimes.com/2011/04/12/education/12college.html?_r=1&src=me&ref=homepage
