Graduates faced with increasing student loan debt
More than 2,900 students received degrees at Notre Dame's 163rd University Commencement Ceremony (WSBT Photo)
By WSBT News1
Story Created: May 18, 2008 at 4:21 PM EDT
SOUTH BEND -- Anthony Iannamorelli comes from a long line of Notre Dame graduates. And that's what makes this day extra special.
"Actually my dad just gave my graduation present, which was when I was 6 years old, he had Lou Holtz sign 'Congratulations graduate of 2008.' So it's a life-long dream that I worked pretty darn hard to get to," said Iannamorelli.
But that life-long dream comes with a hefty price tag. Iannamorelli is graduating with $55,000 in college debt. And that's after finding ways to cut costs.
"And I actually had a ROTC scholarship for a year as well, my freshman year and opted out of that because I decided the Army wasn't for me. And I graduated early to save a little money and stop the mounting debt," said Iannamorelli.
Like many graduates, Iannamorelli is paying off much more than students did several years ago. Economics professor Teresa Ghilarducci points to two main reasons: creditors and universities.
"Creditors giving loans to students don't care if the students can pay them back. And the colleges don't care if the students can pay it back because in the meantime they can jack up tuition and they'll let the students borrow the money," explained Ghilarducci.
Ghilarducci also says the role of a financial aid counselor has changed. She says 20 years ago they used to counsel students on what they could afford instead of how much money they could get.
Iannamorelli says it's tough knowing he has to pay back so much money. But he says the value of his education will be well worth it.
"The way I always looked at student loans was that it's an investment for your future. That you invest that in there and later on it will pay off," Iannamorelli said.
Experts encourage students to start paying off their debt right away. And that may mean living like college student instead of a college graduate for a few years.
-------------
Comments from people:
Monday, May 19 at 5:45 AM foolish wrote ...
Too many kids today think a college education is so important. Not so. It is nothing but a means to an end. To saddle yourself with 50-100K of debt at the beginning of your working life is foolish. Knowing full well that social security will not be there, why do this? All of the money you could save for retirement is out the window to pay back the loans and you will work until you are 80. This is foolish.
Monday, May 19 at 8:35 AM Pro Education wrote ...
Don't fool yourself foolish, an education is more important today than ever. With jobs going overseas, you are competing with other employees throughout the world. However, these bigs debts are very troubling. I will say, one of the things I find most concerning is that students spend money so freely. I sound very old when I say this, but when I was in college, we bought generic food to save money. Now the kids dress better and travel more than I do. They are spending money they don't have
Monday, May 19 at 10:13 AM Education? wrote ...
Don't fool yourself. I am not against education, but out of the 23 people who work for me on the docks and driving fork lifts 12 of them have Bachelor's Degrees. The others are not saddled with a monthly student loan mortgage until they are 45 years old. They can make more money doing that than using their degrees? Figure that one out....Because in the working world those degrees don't mean much.
Monday, May 19 at 10:28 AM R. wrote ...
This is ridiculous I am 60,000 in debt from a B.A in sociology. I wish someone would have told me the most I could make with that is 12$ an hour. The only way to do anything with this degree is to further my education so maybe I can bring my debt up to 100,000. Its not even worth it I wish I never went to college, I should have invested in a trade school. Now they want 500$$ a month!! Yeah right! On top of daycare and mortgage Its impossible!
Monday, May 19 at 1:38 PM To Education? wrote ...
I understand what you are saying. The problem is that to get a good job with your education, you need to leave Indiana. The jobs are not here....thanks to our wonderful governors. Until we make this a place that college graduates want to live, it will stay that way. But, this state is sadly, backwards. The jobs available to college educated people are few and far between. My husband and I, both college educated, are considering leaving the state for opportunities else where.
Monday, May 19 at 3:11 PM To AM R. wrote ...
"I wish somebody had told me all I would make is $12/hr." This is a problem with today's students: They don't do the research ahead of time themselves, they expect answers to be given to them. Personally, I can probably find quite a few colleges and universities who offer excellent sociology programs for less than the $60,000 debt you are in. This is the type of research students must do before taking on such large debt burdens.
Monday, May 19 at 6:51 PM Bianca from SB wrote ...
I have to say that in my view, a college education is necessary, however, I think people considering college need to be realistic on what education they can afford. My bachelor's degree only cost me $16,000 in 2000 from a Michigan university (saving by staying with my parents), but I looked at the tuition at Notre Dame a year ago and could not have afforded a degree at those rates. It also makes sense to start at a community college until you know what you want to do.
Bookmarks