October 22, 2014

Scrolling Headlines:

UMass women’s soccer controls its own destiny as conference tournament approaches -

Wednesday, October 22, 2014

UMass soccer deploys new formation with Keys, Jess -

Wednesday, October 22, 2014

UMass calling on young swimmers to continue strong start to the year -

Wednesday, October 22, 2014

WMU, Ohio, NIU pick up wins in busy MAC weekend -

Wednesday, October 22, 2014

A comprehensive guide to the Ebola virus -

Wednesday, October 22, 2014

Trio of freshmen leading UMass hockey’s offense early in the season -

Wednesday, October 22, 2014

A guide to comic collecting in the Pioneer Valley -

Wednesday, October 22, 2014

Letter: What’s behind the curtains on Birthright trips? -

Wednesday, October 22, 2014

FBI director’s fear-mongering view of data encryption is off the mark -

Wednesday, October 22, 2014

UMass Permaculture Initiative to add three new programs -

Wednesday, October 22, 2014

Gov. Deval Patrick visits Amherst, awards $1.5 million grant for downtown development -

Wednesday, October 22, 2014

UHS offers more accessible vaccination clinics as flu season nears -

Wednesday, October 22, 2014

Gamard: Is gluten really bad or just a fad? -

Wednesday, October 22, 2014

Three new students appointed as SGA special assistants -

Tuesday, October 21, 2014

Allymohamed scores game winner after suffering facial injury against Boston University -

Tuesday, October 21, 2014

Loaded weekend against Marist, Keene State challenges UMass club hockey -

Tuesday, October 21, 2014

UMass football seeing improvement on both the offensive and defensive lines -

Tuesday, October 21, 2014

Remembering Derek Jeter: an appraisal -

Tuesday, October 21, 2014

Yellowcard switches things up on “Lift a Sail” -

Tuesday, October 21, 2014

Campus Sustainability Day to take place Wednesday -

Tuesday, October 21, 2014

Students deal with debt

Like many college students, Jennifer Collotta, a sophomore at the University of Massachusetts, is worried about her student loan debt upon graduation. Many UMass students, like her, are unsure of how they are going to pay it all back.

“I’m just going to have to take it how it comes,” she said, “I don’t know how I’m going to deal with it.”

According to Peterson’s Undergraduate Financial Aid Database, 2008 UMass graduates had an average debt after graduating of $21,614, $1,572 less than the national average.

Over the past four years, students have taken out more loans to pay for their higher education than ever before, according to Peterson’s report. Upon graduation, students are attempting to pay off high student debt and trying to find work in a difficult economy.

Former UMass student Brianna Simao is worried about just that. She is currently a junior at Bristol Community College and works 38 hours a week at McDonald’s. As an education major, she’s worried about how she’ll maintain a job in her field.

“It’s going to be hard to keep a teaching job,” she said, “There’s not much security.”

Many students at UMass are working jobs on-campus just so they can finance their education. Nationally, 78 percent of undergraduate students worked while they were enrolled full-time in college during the 2003-2004 school year, according to American Council on Education.

“I have a job, but I’m putting school before work,” Collota said, “There’s too much on my plate. But I’m going to owe about $75,000 by the time I graduate.”

One reason for the increase in student debt is a drastic increase in tuition and fees, according to Gerald Friedman, an associate professor of economics at UMass.

“College tuition has risen much faster than the amount [workers are] actually paid,” said Friedman, “because colleges have been ‘taxing’ affluent students to fund increasing financial aid. They have also been providing more amenities to attract high tuition students, driving up the costs with larger and nicer dorms, better meal plans, more athletic facilities, etc.”

Friedman said that the current state of the U.S. economy will make it more difficult for students to pay off loans.

“The downturn has ended, but we are not in any sort of meaningful recovery. We probably won’t recover for a long, long time,” he said.

According to Friedman, this translates to students essentially putting their lives on hold as they pay off loans.. He explained that they’re going to find it takes longer and will be harder to find a stable job, buy a house, or start a family.  

At 69.1 percent, the universities and colleges of Massachusetts have the highest graduation rate in the nation. The national average is 55.9 percent, according to the National Center for Higher Education Management Systems (NCHEMS). Despite this, getting a college degree alone isn’t enough. This generation has many obstacles with which to contend that their parents didn’t have to deal with.

“I have no idea how to deal with it,” Simao said, “interest is going to kill me.”

Despite the higher debt load for college students, Friedman said the lucrative job prospects are worth it.

“The outlook is dismal for everyone,” said Friedman, “but college graduates will be at the head of any hiring queue.”

Colin Spence can be reached at cspence@student.umass.edu.

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