College Students: You're About To Be In More Debt

By Mick Joest 2014-05-09 14:44:42
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College students, prepare to be even more broke. Student loan interest rates as of this fall will raise a full percentage point for both undergrad and graduate programs, and while that may not be alarming immediately, it can mean a very expensive increase for incoming freshmen down the road! Those expected to be affected most by this increase are liberal arts majors since they, of course, often get paid the least. If youíre a liberal arts major and that joke offended you, wait until you see your first paycheck! That'll seem offensive.

Slams at the institution aside, CNN Money has offered up some numbers for undergrads, and they may want to rethink entering a college theater program. Student loan rates will increase to 4.66% for undergrad and 6.21% for graduate students. That will only mean about $250 for seniors. Entering freshman, however, will pay about $2,000 more than the previous graduating class in loan repayment, and thatís IF you complete it all in four years. Botching a required credit or taking a victory lap around campus could tack on an even higher fee than before, not to mention make the reality of the Van Wilder plan all too real. The increase of debt has become a national issue, as many people are attending college and exiting without jobs in their field.

Obviously there are several reasons why this is happening, and the massive collective bill certainly isn't anything new. Student loans are the second highest debt held by Americans. One of the primary factors, in my opinion, is the notion that college is all you need. Several people in my academic experience exhibited the ďDís get degreeís methodĒ when it came to their major and electives, and then were stunned out in the real world to realize that they didnít get jobs in their fields. Sure, itís not all about being book smart, but those people also forget those classes make you competent in your job field. Students keep that in mind and make the most of your time or get out if itís not for you, as the rates can raise as high as another 2% over the next ten years. Trust me, it doesnít feel real now, but when you realize youíll be making monthly payments until youíre 45 it sets in real fast.
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