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The Daily OrangeRising college costs burden student debt
By Nick Roberts
Posted: 10/30/08, 3:12 AM EST Section: News
Troy Karski, a Syracuse University freshman, said he wanted to live in another part of the country when he left for college.
That was part of the reason Karski decided to study civil engineering at SU instead of Ohio State University, which would have been much less expensive. His freshman year will cost him approximately $47,000, according to the university's Web site.
"I think it's a little too much," Karski said. He paused, then said, "I think it's a lot too much."
Since Karski did not receive much aid in the form of grants or scholarships, he was forced to finance his education largely through student loans. He said he is borrowing about $20,000 for this year's tuition alone.
Karski's financial situation is shared by many students at SU and across the country.
Kaye DeVesty, director of financial aid at SU, said about 60 percent of the university's dependent undergraduates take out student loans. The average loan recipient graduates with about $19,000 in debt, she said.
That figure includes only federal loans. For undergraduate and graduate students who take out private loans, the numbers can be much larger.
Graduate students pile up debts ranging from $27,000 for a master's degree to $114,000 for a medical degree, according to FinAid, an independent public service organization.
Americans now owe more than $551 billion in student loan debt, according to Student Debt Alert, a project of the Student Public Interest Research Groups. The project's Web site displays a running total of the nation's student debt.
Ashley Stephens, a freshman finance major, said she will borrow roughly $20,000 in student loans over the next four years. She worries about paying off her debts in the future.
"They're a big concern for me, because I want to pay them back on time," she said.
Stephens grew up in the Bronx and said she came to SU partly because she wanted to get out of New York City. Unlike some students, she does not have a problem with the cost.
That was part of the reason Karski decided to study civil engineering at SU instead of Ohio State University, which would have been much less expensive. His freshman year will cost him approximately $47,000, according to the university's Web site.
"I think it's a little too much," Karski said. He paused, then said, "I think it's a lot too much."
Since Karski did not receive much aid in the form of grants or scholarships, he was forced to finance his education largely through student loans. He said he is borrowing about $20,000 for this year's tuition alone.
Karski's financial situation is shared by many students at SU and across the country.
Kaye DeVesty, director of financial aid at SU, said about 60 percent of the university's dependent undergraduates take out student loans. The average loan recipient graduates with about $19,000 in debt, she said.
That figure includes only federal loans. For undergraduate and graduate students who take out private loans, the numbers can be much larger.
Graduate students pile up debts ranging from $27,000 for a master's degree to $114,000 for a medical degree, according to FinAid, an independent public service organization.
Americans now owe more than $551 billion in student loan debt, according to Student Debt Alert, a project of the Student Public Interest Research Groups. The project's Web site displays a running total of the nation's student debt.
Ashley Stephens, a freshman finance major, said she will borrow roughly $20,000 in student loans over the next four years. She worries about paying off her debts in the future.
"They're a big concern for me, because I want to pay them back on time," she said.
Stephens grew up in the Bronx and said she came to SU partly because she wanted to get out of New York City. Unlike some students, she does not have a problem with the cost.
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