Grad considers: Is college degree worth the debt?

Jun 19, 2013 by

college_readyStudent debt is the talk of the nation, especially with interest rates on federally subsidized Stafford Loans set to double on July 1, from 3.4 percent to 6.8 percent.

As Congress struggles to address the issue — a Senate bill to prevent the rate increase stalled last week and a Republican-introduced alternative also failed — college students and graduates across the nation are bracing for the worst.

Here in Illinois, the average amount of debt being carried by 2011 graduates with student loans is more than $26,000, according to The Project on Student Debt. Combine that with a high 8.8 unemployment rate among young college graduates and it’s not surprising that some are questioning the value of a college education.

According to the U.S. Department of Education, between 2000–01 and 2010–11, prices for undergraduate tuition, room and board at public institutions rose 42 percent, while costs at private, not-for-profit institutions rose 31 percent, after adjusted for inflation.

We decided to let the graduates speak for themselves.

Today, we introduce Sydney Sodergren, 22, of Tinley Park. She recently earned a degree from Augustana College in Rock Island. She has been lucky in that she was able to find work as a paralegal this summer. She originally planned to go on to medical school, but is now rethinking that path. Like two-thirds of all college graduates, she has substantial student loan debt.

via Grad considers: Is college degree worth the debt? – Chicago Sun-Times.

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