The Cost of College, and Interest, Puts Students in Greater Debt | Education | Seven Days | Vermont's Independent Voice
Pin It
Favorite

The Cost of College, and Interest, Puts Students in Greater Debt 

Local Matters

U.S. - Got a college degree? If so, the Census Bureau estimates that you'll make $1 million more over the course of your lifetime than will someone with a high school diploma. But these days it's increasingly likely that you'll end up paying a big chunk of that to cover your college loans.

The cost of a college degree is only going up - the Campaign for America's Future estimates that it has risen 40 percent at the average four-year public university since 2001. And as tuition rises, so does the amount of money students are borrowing to pay it.

On July 1, the federal government raised the interest rates on Stafford loans from 5.3 to 7.14 percent on old loans; new loans are up to 6.8 percent. And that doesn't include variable-rate private loans, which are increasingly popular. The Project on Student Debt points out that undergraduate and graduate borrowing through private loans rose by 30 percent from 2004 to 2005.

This mounting debt load is making it harder for graduates to get on with their post-collegiate lives. A look at the state of student debt, by the numbers:

Under 50 percentage of four-year-college students with loan debt in 1993

66.4 percentage in 2004

$9250 average debt in 1993

$19,200 average debt in 2004

1.3 percentage of college graduates with loans greater than $40,000 in     1993

7.7 percent who owed more than $40,000 in 2004

45 percent of UVM grads with debt in 2001

60 percent in 2005

$21,330 projected cost of attending UVM for in-state students this year

$20,142 average debt of UVM grads in 2005

$18,875Average debt for all Vermont public college students

9 Vermont's rank among states for highest average debt at public universities

14 percent of grads nationwide who say they delayed marriage because of loan debt

30 percent who say debt has kept them from buying a car

38 percent who say debt has kept them from buying a home

21 percent who say debt has made them put off having kids

Sources: The Project on Student Debt, Campaign for America's Future, UVM website

Did you appreciate this story?

Show us your ❤️ by becoming a Seven Days Super Reader.

Got something to say? Send a letter to the editor and we'll publish your feedback in print!

Pin It
Favorite

More by Cathy Resmer

  • Social Sentinel, Burlington Code Academy and Maureen McElaney Win Awards at 12th Vermont Tech Jam
  • Vermont's Top Innovators Honored at Tech Jam 2018

    Social Sentinel, a Burlington-based company that identifies threatening content on social media, was among the winners of the 2018 Tech Jam awards, presented last Friday at the 12th Vermont Tech Jam. The prizes, given annually by the Vermont Technology Alliance, BTV Ignite and Seven Days, recognize leaders in the state's tech ecosystem. The awards ceremony was the culmination of a busy day at the free career and tech expo organized by Seven Days and presented by Vermont Works. Representatives from more than 50 companies and colleges talked with hundreds of attendees who walked the expo floor. Jeff Couture, executive director of the Vermont Technology Alliance, said he talked with job seekers from across Vermont and outside the state at the event, "including someone, suitcase in hand, who visited from North Carolina."
    • Oct 23, 2018
  • Inspiring Projects to See, Hear and Play With at the Vermont Tech Jam
  • Inspiring Projects to See, Hear and Play With at the Vermont Tech Jam

    • Oct 17, 2018
  • The Tech Issue — 2018
  • The Tech Issue — 2018

    • Oct 17, 2018
  • More »

About The Author

Cathy Resmer

Cathy Resmer

Bio:
Deputy publisher Cathy Resmer is an organizer of the Vermont Tech Jam, and compiles a weekly tech e-newsletter every Monday. She also oversees HR, helps manage Seven Days' digital staff and oversees its parenting publication, Kids VT. In 2018, she designed and administered a statewide youth civics project, the... more

Comments

Subscribe to this thread:

Add a comment

Seven Days moderates comments in order to ensure a civil environment. Please treat the comments section as you would a town meeting, dinner party or classroom discussion. In other words, keep commenting classy! Read our guidelines...

Note: Comments are limited to 300 words.

Recent Comments

Keep up with us Seven Days a week!

Sign up for our fun and informative
newsletters:

All content © 2019 Da Capo Publishing, Inc. 255 So. Champlain St. Ste. 5, Burlington, VT 05401
Website powered by Foundation