Debt and loans plague graduate students


As the school year draws to a close, students continue to stress over student loans and debt.

During his campaign, President Joe Biden discussed cancel part of the student debt. He proposed to cancel $ 10,000 in loans from each individual. However, Biden has yet to follow through on that commitment.

In order to afford higher education, students like Dilpreet Kaur, campaign coordinator for the DePaul Public Interest Research Group, overwork themselves.

In first generation students, myself included, you will see students working full time or two to three jobs at a time in addition to a full time school schedule just to keep expenses down, ”a- she declared.

At DePaul, the price for a full year is $ 59,000, including accommodation, tuition, and other expenses. For Illinois private university expenses, the average student will spend $ 53,949 per academic year, according to EducationData.

At the national level, the 2019 promotion diploma with an average of $ 29,000 in private and federal debt according to Student Loan Hero.

Loans and debts are at the forefront of the minds of many students before and during their college career. Students like Kaur try to repay their loans during the year while sophomores like Kelli Tosic think about it before applying.

“The fear of student debt once I started attending college forced me to sacrifice my sanity throughout high school,” Tosic said. “I signed up for as many advanced placement courses as I could, took standardized tests multiple times, and applied for countless scholarships to make college as affordable as possible for me. . “

As college education becomes a requirement for employment, it simultaneously becomes less accessible due to the investment and the financial burden.

The fear of student debt once I started attending college forced me to sacrifice my sanity throughout high school.

– Dilpreet Kaur, campaign coordinator of the DePaul Public Interest Research Group

Cindy Rocha, SGA’s new vice president of student affairs, said entry-level jobs now require a bachelor’s or master’s degree.

“Now, [college degrees are] a much less option than a requirement for most jobs, even many entry-based jobs, ”Rocha said. “When it comes to STEM careers, a lot of things at the entry level are at a minimum, a bachelor’s degree, and most of them require a master’s degree.”

Students from various minority communities are more likely to give up because of overwhelming financial debt.

“A big thing that we’re also seeing is dropout levels, especially when you look at people of color, LGBTQ students, first-generation students,” Rocha said. “Often it has to do with finances. “

First generation students are more likely to not understand the complexities of financial aid.

One great thing that we also see is the dropout levels, especially when you look at people of color, LGBTQ students, first generation students. Often it has to do with finances.

– Cindy Rocha, Vice President of Student Affairs, SGA

“The interest you might have on your loan, depending on the loan you get, can change the value astronomically, and so is the fact that it can specifically target first-generation students who might not know. , they might not really understand the difference between subsidized and unsubsidized loans, ”Rocha said.

Between work and school, affording a college education can have a mental and physical impact on students.

“Student debt can set you back before you’ve even taken a step forward,” Kaur said. “Working to pay off your debt can lead to overwork or starting a career out of your way just so you can write off the debt. It just leads to an unhappy and stressful life.

However, many Gen Xers and Baby Boomers say the younger generations should pay their debts the way they did. Rocha said she thought this was unreasonable because of the stark economic differences between the 1960s and now.

“In the 1960s, college was an option,” she said. “You could get a perfectly decent job without college, but you could also get a more specific career that requires it. More people need to get a college education [now] to survive and maintain a decent lifestyle.

Many against student debt cancellation claim students will have to work Stronger to repay loans. Although students still work as hard as previous generations, economic standards are more severe.

“You should want things in life to get easier for the younger generations, you shouldn’t want future generations to suffer like you did,” Rocha said. “Because you remember what it was like, you remember all the worry, all the pain, all the suffering – why would you want to wish that on others?” “

“No matter how hard they work, they’re still forced to take out hundreds of thousands of dollars in loans just to get an education,” Tosic added. “Going to school should be a basic human right accessible to all, and no one should have to give up their own mental well-being in order to make their education semi-affordable. “

As higher education continues to be a professional requirement and loans become less accessible, students demand that the higher education system change to become more accommodating.

“We are taught from an early age to plan to go to college or that the only way to be successful is to pursue higher education, so it doesn’t make sense to put ourselves in debt doing it,” Kaur said. .

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