Student Loan Debt Worries New WVU Class
Written by Your 5News Team
Last updated on August 18, 2013 @ 7:00PM
Created on August 18, 2013 @ 6:26PM
With the beginning of a new semester upon us, a major issue many students face is paying back their student loans.
Just last week, President Obama signed a landmark bill, which now saves thousands of college students from paying extremely high interest rates, from nearly 7% to just 3.5%. Some college students say it's definitely a '"sigh of relief," even though they still have to pay thousands of dollars back in debt.
"It makes my life easier, but I'm not sure if it's the biggest issues we have to deal with," said Elizabeth Fitzgerald, a sophomore.
"It's definitely a good feeling knowing that I can come to school to further my education. My dad is a dairy farmer with three other kids in school, so it helps a lot since he doesn't make a lot of money," said Annie Royek, a freshman.
Even though the bill brought interest rates down, that doesn't change the cost of living expense in general. The average college student will still spend more than $20,000 per year, and that includes everything from tuition, to books, and personal expenses.
If you do the math, that's more than $80,000 spent over the course of four years. Some students say even though it's a small break, the thought of paying that kind of money in the long run is a big stress.
"It's hard knowing jobs are hard to come by. I know a lot of people that are having trouble right now," said Lindsay Kelley, a grad student.
Parents dream of sending their kids off to college to get a better education, and that dream job, but the cost of living and college combined has many of them wondering if there's other ways to help our education system, besides lowering interest rates on student loans.
"I think student loans should be run like a non-profit organization since the government makes a lot of money from taxes," said John Hoffman, a parent.
While many students feel good about the decision to go to college, many of them agree that it's too expensive, and they said something needs to be done by not only the government, but universities nationwide as well.
"There are allowances for surrounding states, but my state isn't one of them, and it would help with the cost," said Fitzgerald.
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