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London student spray painting at a riot. |
Everyone that goes to college has to pay off their debt eventually.
But what if there were no jobs in your field and a huge bill creeping up to $100,00 in student loan debt on top of needing money for your car and living expenses? Tuition rates are going up, even in by 8 percent in community colleges according to a new report by the College Board.
A huge problem causing uproar is that the amount of student loans taken out last year exceeded the $100 billion mark for the first time and total loans outstanding will exceed $1 trillion for the first time this year.
Americans now owe more on student loans than on credit cards, reports USA Today, the Federal Reserve Bank of New York, the U.S. Department of Education and private sources.
Back in fall 2005, the tuition rate for Anne Arundel Community College in Arnold, Md., was only $83 per credit for an Anne Arundel County resident. Now it’s $90.
Residents of other Maryland counties that go to AACC must pay $173 as of fall 2011.
Out of state or foreign students have to pay a whopping $306 per credit. In order to get financial aid, these students would have to live in Maryland for at least three months, according to the AACC Financial Aid office.
Students at AACC are feeling the pressure from both school and life, but making thoughtful decisions has helped them deal with college.
Lacoya Godoy, 23, of Annapolis, Md., is a mother, wife, Navy veteran and a very busy student. She plans to become a nurse midwife after college.
She was honorably discharged after serving 5 years as a medic in countries like Japan, Australia and Kuwait.
“I’m taking 17 credits this semester and 17 next semester. I think I spent about $2,500 on classes plus books,” she says.
Without MyCAA, the money the Navy gives to pay for her classes, Godoy would have to rely on loans, grants and financial aid to attend school.
The Project on Student Debt, a nonprofit research group based in Oakland, Calif. and Washington, D.C., has astonishing numbers on what lies ahead for college students and recent graduates.
Maryland ranks 33 out of 50 states for their amount of borrowed student loan debt, according to the Project on Student Debt.
The average debt in Maryland was $21,750 for 2010 graduates. 54 percent of the class of 2010 acquired that much debt. But colleges around Maryland, like Johns Hopkins University, are going way up. It's really up to the Obama administration and smart planning of parents or students to figure out how to relieve students of stress and debt for the years to come.