Wilson, R. (2009, May 22). A lifetime of student debt? Not likely. The Chronicle of Higher Education, p. 1.
In this article, Wilson tries to reveal the facts from the all scare about student debt. His attempt to make it seem like student debt seem like a more trivial issue, by comparing the average student’s debt to the cost of a new car, in the start of the article is dismissed by more data further into the article. The article contains stories about people who are up to and over $100,000 in debt, as well as those with more reasonable debts, like $20,000-$30,000. The article explores some causes of extreme student debt. The article does a good job at presenting two different angles and perspectives on the problem. One perspective says it isn’t that bad. The other perspective says it is a serious problem for some students and the number of students finding themselves in debt trouble is growing.
Sander, L. (2007, November 2). Student aid is up, but college costs have risen faster, surveys find. The Chronicle of Higher Education, p. 26.
The urgency understood in this article is that student aid isn’t enough anymore. Students are forced to look elsewhere, usually to private loans, to cover their undergraduate fees as they max out their federal loans. The article looks at statistics showing that college fees are going up faster than student aid, and that an increasing gap between the two are emerging. The article, though difficult to read at times because of the numbers and statistics shows a growing concern in which students are having to gamble with the “variable interest rates” and “lack of protection” offered by private loans in order to pay for their higher education. Also, there is debate included over whether or not this is actually ‘financial aid’. Most importantly, the article shows that student aid is covering less and less of the rising costs of college.
Draut, T. (2009). Debt-for-diploma system. New England Journal of Higher Education, 23(3), 31-32. http://www.nebhe.org/category/thejournal/.
The “Debt-for-diploma” message conveyed in this article does a good job at describing the types of decisions college students are being forced to make nowadays. While this article also discusses how student aid no longer covers as much as it should, the article also goes further in discussing how this fact is affecting students. The need for more student aid is causing some students to give up on their higher education all together, resulting in no diploma while the debt still haunts them. The article also brings to light the that many students are not prepared to make financial decisions required of them, and that even years after they graduate undergraduate debt still prevents people from getting ahead financially. The article ends by explaining some laws implemented by Congress that should help students more, but still mentions that the continual rise of college tuition will soon make even those laws out of date.
Long, B., & Ansel, D. (2007). As student debt increases, colleges owe more in performance. Connection: The Journal of the New England Board of Higher Education. pp. 23-24. http://www.nebhe.org.
This article brings up the question the issue of whether students are getting what they are paying for. For some there is fear that a student will pay thousands of dollars for a higher education and be no better off than someone who chose not to attend college. This article shows how parents and students with this fear are starting to expect more in performance from the college they choose to attend. The article discusses new tools that are becoming available to parents and students. These tools are compare several factors such as graduation rates, scholarships awarded, and other factors that families might want to look at in deciding the right college. The article does a good job at communicating how students both want and need a good learning environment that will ultimately help them in the long run in life.
Baum, Sandy and Jennifer Ma. “Trends in College Pricing 2010”. College Board. (2010). Web. 7 Feb. 2011. http://trends.collegeboard.org/downloads/College_Pricing_2010.pdf.
This report, filed every year, is put out by the College Board. It includes up-to-date data on all categories of college spending. The report includes new information on the current costs of college tuition and fees, books and supplies, and room and board, as well as other costs related to college spending. In addition to new up-to-date data, the report also shows how the numbers have changed over time and gives some future projections. This report can be a valuable tool in helping a family decide which college is right for their son or daughter, because it shows the costs of different institutions across the country. It also helps families decide which kind of institution they can afford. The report is rather lengthy but is full of valuable information that is up-to-date, and the report includes a highlights section for those who do want to read through the entire report.
Baum, Sandy and Kathleen Payea. “Trends in College Pricing”. College Board. (2010). Web. 7 Feb. 2011. http://trends.collegeboard.org/downloads/Student_Aid_2010.pdf.
This report is a companion report the “Trends in College Pricing 2010” report. It reports up-to-date data on all the different kinds of financial aid available to students. These include grants, loans, work-study, and tax benefits, from all sources, like federal and state governments, colleges and universities, employers and private entities. In addition to financial available, the report also documents changes in student debt, family income, and the where financial aid help has grown the most in the last year. This report also includes a highlights section as it is lengthy as well. For students and families searching for available financial aid, this report where they should go for the most complete, up-to-date information concerning the different kinds of student aid.
Long, Bridget and Erin Riley. “Financial Aid: A Broken Bridge to College Access?” Harvard Educational Review. 77.1 (2007): 39-63. Web. 10 Thur. 2011. http://her.hepg.org.www.libproxy.wvu.edu/content/765h8777686r7357/.
This article argues that the rising college costs have become and continue to be a barrier for students from low-income families. The article presents three barriers that prevent high school graduates from attending college. One of them is of course the cost. The rising costs keep many students from attending college, as many as 57% of high school graduates from families with income lower than $30,000 don’t attend college. A second barrier mentioned is academic preparation. A majority of those students who are academically unprepared for college are from low-income areas. A third barrier mentioned is the complexity of the college application process and the financial aid systems. A majority of the group of students who face this barrier fall in the category of low-income as well. These students simply are not getting the information or help they need. Each barrier is argued and supported by data and evidence within the article. The article ends by placing emphasis on need-based scholarships and grants so that college costs don’t keep any student from a higher education.
Baum, Sandy and Saul Schwartz. “How Much Debt is Too Much? Defining Benchmarks for Manageable Student Debt”. College Board. (2005). Web. 20 Sun. 2011. http://projectonstudentdebt.org/files/pub/Debt_is_Too_Much_November_10.pdf.
This article attacks the claim that the average student debt is manageable. While this is true, it ignores the minority of students in great financial assistance. The goal of this article is then, “to establish a range of empirically-derived thresholds for manageable student debt”. This will provide students with valuable advice as they consider how they are going to finance their higher education. The article also reveals how different parties view the term ‘manageable debt’ as it does in fact differ between the lender and the borrower when it comes to using loans to pay for college. For a student who finds the whole loan process confusing, this article clears up some of the confusion and helps them avoid what could be fatal mistakes.
Bacigalupi, M. (2010). “Education helps students control debt load.” Optometry Times 2.8 (2010): 48-49. Web. 16 Mar. 2011. http://optometrytimes.modernmedicine.com/about.
This article, while aimed at Optometry students, has an important message that can be applied to all fields. Educational debt can affect post-graduation job decisions and lifestyle choices for years to come after students finish their degrees. The article continues on say that the best strategy a student can have is to start thinking about how they are going to pay off their student loans, meaning what kind of plan will they have? A 10 year, 20 year, or 30 year? The article recommends when starting to pay back student loans, the monthly payment should only be about 10% or 15% of your monthly income. This means of course, students might have to choose a longer pay back plan, but of once they start making more money they can always choose to pay more each month. There is no punishment for paying back your loan early.
Derra, Skip. "What is Your College's Student Debt Pledge?" Drug Discovery & Development 10.11 (2007): 32-33. Web. 16 Mar. 2011. http://www.dddmag.com.
This article talks primarily about the available online financial aid services, specifically provided by the Project on Student Debt, which I addressed in my blog posts a few weeks ago. The article urges colleges to adopt new policies that would make college more affordable to students who come from low income families. A price sticker should be the last object keeping a student from their education. The aim of the programs would be to help students from low income families to graduate with no debt or a very well-defined, manageable amount of loans. The article dictates everything that would be covered by these programs as well as what would not be, and directs readers to other sources for additional information. While each school would have different programs, the Project on Student Debt is also working to keep consistent language to help the process of comparing different programs. The article ends with providing statistics about average loan amounts, highest loan amounts, and the lowest loan amounts, from different parts of the country.
Supiano, Beckie. "When Life Gets in the Way of Paying for College. (Cover story)." Chronicle of Higher Education 57.22 (2011): A1-A20. Web. 16 Mar. 2011. http://chronicle.com/section/Home/5.
This article, while not having a lot of statistics and factual data, does chronicle the struggles of one family. The family faces many challenges that I believe a lot families are facing at the moment. These include the parents losing their jobs due to the economy and health issues, having more than one student in college at a time, struggling to navigate financial aid forms, and constant financial worry and stress. The family tries everything to help their children find ways of paying for their college costs, while facing their own financial struggles. Before, the family was making an estimated $100,000/yr, which would place them comfortably in the middle class. They brought five horses and a retirement house in Florida, then the parents lost their jobs and their children weren’t receiving enough financial aid and loan requests were being denied. The article gives a pretty sad, desperate picture for this family, but as hard as life is for this family, the article mentions this isn’t as bad as it gets. There are still families worst off. The article offers a good look into the struggles of that many families face, as well as warning against some financial decisions and choices.
Kristof, Kathy. "Crushed by college." Forbes 183.2 (2009): 60-65. Web. 17 Mar. 2011. http://www.forbes.com/.
This article attacks one of most heard advantages of a college degree, “college graduates will earn $1 million more than those with only a high school diploma.” The article reveals that this may not always be, and is increasingly not, the case. Accounting for such factors as interest on student loans, the rising college costs, and the difficulty in finding jobs, the article reveals the surprising fact that some college graduates may not even match amount people without degrees make until they are 33 years old. This is of course still not very common, but it can be rather shocking to some people. The article, while attacking the most heard advantage of college education, does not simply do that. Instead, they advocate for need to be honest with college students. Students need to be well-informed about their college options and their payment options. The primary message, that I believe every student needs to have before enrolling in college and taking out loans, is the realistic picture of college education and the consequences of taking out loans.
“The Debt That Won’t Go Away.” Cohn, Scott. CNBC.com. Thomson Reuters, n.p. 20 Dec. 2010. Web. 20 April 2011. http://www.cnbc.com/id/40680905.
This news article presents another student’s story about student debt. This student is older, 28, and has a master’s degree. However, because of the poor economy he has been unable to find a job and debt collectors are threatening to take back their money out of his paycheck which barely covers his living expense. He works at bookstore at minimum wage. The rest of the article cites statistics that are quite impressive and shocking. For example, the amount of money owed in student debt is now higher than the amount of money owed on credit cards. Another example says that America’s student loan debt increases at a rate of $2,853.88 per second. If numbers and statistics scare you, this article could cause a considerable amount of worry.
Jacobs, Joanne. “The student debt crisis.” Joannejacobs.com 30 May 2010. Web. 20 April 2011. http://www.joannejacobs.com/2010/05/the-student-debt-crisis/.
This blog posting, by Joanne Jacobs, brings up some interesting discussion. She says that students should be smarter in their choice of schools and loan borrowing. For example, if you a student who plans on going into a field that you know will not make you rich and successful, it is probably a good idea not going to the most expensive school that you will need to take out $100,000 in loans. She refers to a study done California Tech that says people are not very good at dealing with debt. “We’re very good at wanting things but not so good at understanding the obligation to pay for them.” So you may want to reconsider that dream of college of yours before committing to take out thousands, if not hundreds of thousands of dollars, in loans.
“This is what the student loan debt crisis looks like.” Thompson, Derek. TheAtlantic.com. n.p. 26 Aug. 2010. Web. 20 April 2011. http://www.theatlantic.com/business/archive/2010/08/this-is-what-the-student-debt-crisis-looks-like/62091/.
While this article is very short in comparison to most of my other sources listed, it does do exactly what the title says it does. The author of the article uses a Mint.com map show the debt crisis in America. The map allows readers to compare the percentage of students in one state who graduate with loan debt to students in other states. It also ranks each state according to the average amount of loan debt owed by college students upon graduating. West Virginia is currently ranked number 24 for having the lowest average of student loan debt owed upon graduation. The highest is Washington D.C. and the lowest is Utah. The difference between these two states is about $16,000 dollars. The map also has many more interesting statistics and comparisons, and could help prospective college students decide which state they want to go to school in.
Berman, Talia. “Student debt crisis: Are there any solutions?” WireTap.org. 23 Aug 2006. n.p. Web. 27 April 2011. http://www.wiretapmag.org/stories/40187/.
This article discusses some of the main reasons of student debt (like increasing interest rates, tuition rising, and out-of-date student aid programs) and some possible solutions to deal with student debt. One of main arguments included was that America should opt to make our higher education more like Europe’s higher education, where college is a lot cheaper than here in America. The downside to this solution would be that if we made tuition too cheap, the quality of the education may suffer, as well as the dwindling of the many opportunities and experiences in college. The article also took a look at how student debt can affect life after college and choices and decisions we will make. For example, student debt has caused graduates to delay such choices as marriage, having children, buying a car, buying a house, and having a medical procedure done. Going from this discussion, the article moved to how having student debt affects the job choice of graduates. More graduates are applying for jobs within the private sector because the public sector doesn’t pay enough money in order for those graduates to pay the monthly payments and make a living.
