The cost of going to college is rising, making it harder for students to attend, solely, on their own money. More and more students are turning to student loans, which, in some cases, could be a bad idea.
According to American Student Assistance, graduates average $47,503 in student loans debt. The debt is continuing to rise, and now outweighs the amount of credit card debt. Taking out student loans could be beneficial to some students. However, the loans can also bury students in debt after graduation.
Senior Joe Delclos thinks student loans can be helpful.
“I need the student loans in order to afford college, so I don’t mind the risk,” Delclos said.
Senior Shaun Turley disagrees, and does not want a lot of debt after college.
“The last thing I want is to owe a lot of money as soon as I come out of college,” Turley said.
Recently, a petition was started. It proposed the United States government should forgive student loan debts. The government would do this in hopes that those, trying to pay off student loans, would have extra money to spend. The petition has gotten over 300,000 signatures. Guidance counselor Joyce Brown strongly disagrees with this petition.
“This was a loan that people understood they would have to pay back when they took out the loan,” Brown said. “It is not a gift. If it were to happen, how do you think the people who had to struggle to pay for college, or who did repay their loans, would feel? They would be pretty mad at a government gift when our government is already in debt.”
Guidance counselor Geena Hall and Brown think loans can be a good thing if used wisely.
“It can definitely be a great thing!” Hall said. “Not everybody can afford the full cost of college right out of high school. Some people need to graduate from college and get a job before they can begin to pay for the costs. Just don’t bite off more than you can chew.”
“If that is the only way someone can afford to go to college, [student loans are] a good idea,” Brown said. “However, students need to be careful that they don’t go to a super expensive college which will give them so much more to pay back.”
Senior Stone Hopkins is one of the few who is not using student loans to help with college.
“I’m not using student loans because, thankfully, my dad’s work has helped me with the finances of college,” Hopkins said.
Brown and Hall offer valuable words of advice for students thinking about taking out student loans.
“Stay on top of the loan and don’t get behind on the payments, as it can ruin your credit rating,” Brown said.
“I would tell them to speak with someone who has been in that position before,” Hall said. “They can talk to them about what they did to pay back their loans.”
Student loans can be risky because of the effects after graduation. However, students are encouraged to do what they can to get a great education.