Written by Alex Wiederspiel
Last updated on February 18, 2013 @ 12:26PM
Created on February 16, 2013 @ 11:24PM
If you have a son or daughter who's in college or getting ready to go to college you're probably already thinking about how you're going to pay for it. But with high unemployment rates and thousands of dollars worth of student loan debt for many college graduates, that answer may not be so simple.
Higher education was once thought of as a luxury for the rich. But recently, it's become a tradition that after high school students should go to college. But not everyone can afford it due to the rising cost of tuition.
Some students we talked to said when they were in high school, they felt like they had no other option than to go to college after graduation. Now that many graduates struggle to pay off their student loans for decades, some say they wish they would've chosen a different path.
"It's going to be a lot, especially for those who can't pay it back and they're going to be in debt. I'm hoping with my major I can just sure up and try to make as much money as possible," said WVU senior Erica Alviar.
Another graduate says the struggling economy is to blame for the lack of jobs available to college grads.
"I feel like people who are above me in age, that are at the point where they need to retire, are not retiring because the economy is so bad. They can't afford to retire. People like us who are coming into entry-level are also competing with people who are not entry-level," said Carly Parana, a WVU graduate from the Class of 2012.
The unemployment rate of 18-to-29 year olds rose to 13.1% in January, which is 5.4 points higher then the national average. Last fiscal quarter, the 90-day delinquency rate for student loan repayment was higher then rates for credit cards and auto loans. Some economists fear that the student loan crisis could turn into another bubble that pops and hurts the health of the economy.
If you're struggling to pay back your student loans you may qualify for the Pay As You Earn Plan. Just go to http://studentaid.ed.gov
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