Price of Education Leaves College Graduates in Debt

February 9, 2010 by Jessica Pleuss

As the price of a college education becomes more expensive, students who are ready to graduate find themselves in large amounts of debt.
 
“The price of going to college is exorbitant compared to what it was when I was in school,” said Brian Pleuss, who graduated from Ohio University in 1976.
Mary Erdy, a 1982 graduate of Columbus State Community College, added, “It’s almost 10 times the amount to attend college today, even more if you consider room and board.”
In 2007, the average debt of a college graduate was around $22,700.
Many college students today rely on loans to help them through college, as many work in low paying jobs in restaurants or department stores.
Some must take out more loans than others as they attend class instead of working full time to make the money needed to cover their living expenses.
Jenna Harper, a student at The Ohio State University, said that was the case with her.

“Some of my debt comes from living expenses because I go to school too far away from my parents to commute, so rent for four years adds up as quickly as the dust on my depreciated textbooks,” Harper wrote in an email.
Now, with our economy the way it is, loans are as hard as ever to pay back because every college graduate is not guaranteed a job when they complete their schooling.
Regardless, payments for loans are expected to begin within six months of a student’s absence from school whether they have found a job or not.
As someone who has attended college and worked to pay off her debt afterwards, Erdy offered a few words of advice to college students about to graduate and looking for the fastest way to pay off their debt.
 “It is wise to begin looking for employment well before graduation," Erdy said. "Search for companies that might provide “loan forgiveness”. Don’t make any major lifestyle changes until you are settled into your new career and can project your finances and figure out a budget for the following year.”