Scrolling Headlines:

UMass hockey shuts down No. 8 Northeastern with 3-0 win -

January 19, 2018

Matt Murray hands Northeastern its first shutout of the season -

January 19, 2018

Minutewomen stunned by last-second free throw -

January 19, 2018

UMass hockey returns home to battle juggernaut Northeastern squad -

January 18, 2018

Slow start sinks Minutemen against URI -

January 17, 2018

UMass three-game win streak snapped in Rhode Island humbling -

January 17, 2018

Trio of second period goals leads Maine to 3-1 win over UMass hockey -

January 16, 2018

Small-ball lineup sparks UMass men’s basketball comeback over Saint Joseph’s -

January 14, 2018

UMass men’s basketball tops St. Joe’s in wild comeback -

January 14, 2018

UMass women’s track and field have record day at Beantown Challenge -

January 14, 2018

UMass women’s basketball blows halftime lead to Saint Joseph’s, fall to the Hawks 84-79. -

January 14, 2018

UMass hockey beats Vermont 6-3 in courageous win -

January 13, 2018

Makar, Leonard score but UMass can only muster 2-2 tie with Vermont -

January 13, 2018

Pipkins breaks UMass single game scoring record in comeback win over La Salle -

January 10, 2018

Conservative student activism group sues UMass over free speech policy -

January 10, 2018

Report: Makar declines invite from Team Canada Olympic team -

January 10, 2018

Prince Hall flood over winter break -

January 10, 2018

Minutemen look to avoid three straight losses with pair against Vermont -

January 10, 2018

Men’s and women’s track and field open seasons at Dartmouth Relays -

January 10, 2018

Turnovers and poor shooting hurt UMass women’s basketball in another conference loss at St. Bonaventure -

January 8, 2018

Student debt reaches new highs

Students across America are borrowing more than ever before, a trend that will likely have long-term affects for an entire generation.

With some colleges and universities costing over $50,000 a year, families and students are pressured to take out loans to pay for the rapidly growing expenses. The total amount borrowed by students and families in the 2008-2009 year reached $75.1 billion, according to the U.S. Deparment of Education, up more than 25 percent in the last year. Though more than expected, the rise in student debt has been growing for more than a decade.

These numbers just further show how common it has become for students to rely on loans to help pay for education. With two-thirds of college students borrowing to pay for college, the average debt loan has reached $23,186 by the time they graduate, according to the Department of Education.

The types of loans taken out by college attendees are one of two choices; federal direct loans or private loans.

Federal direct loans are those provided by the Department of Education. Acting as a lender, the federal government provides funds through Stafford loans and PLUS loans. These loans allow the student to choose which school and choice of study is most appropriate.

Private loans are loans provided by loan lenders such as Sallie Mae and My Rich Uncle. These loans can be used not only to pay for tuition but also for living fees. These loans also come with higher interest fees and are less available after the financial crisis.

Living in a sunken economy, many are unsure as to how they will pay for college. Some feel pressured to turn to high interest rate, risky private loans. In effort to prevent this, President Obama’s Administration has raised the Stafford loans limit to $31,000, which happens to be $8,000 more than the previous year.  While this may prevent students from graduating because of  the burden of risky loans, this generation is still facing thousands of dollars worth of debt to pay off.

Ashley Allen, a junior and creative writing major at Hollins University has over $52,000 in loans to pay off after graduation and worries about the job market.

 “It’s hard enough to find a job in this economy, let alone a job that will allow me pay for rent, food and my loans plus interest,“ Allen said.

Michelle Williams can be reached at mnwillia@student.umass.edu.

Leave A Comment