The Pointer UW-Stevens Point Student Newspaper
Stevens Point held a Degree of Debt campus rally, sponsored by USA Today Network-Wisconsin, to talk about college affordability.
The rally helped students and parents learn how to make smart decisions about higher education. About 30 were in attendance to explore ways students can prevent getting into large amounts of debt.
According to USA Today, 70 percent of college graduates in Wisconsin leave with debt, making them the third most likely in the country to have debt.
On average, each graduate leaves with about $29,000 in debt. Leaving with high amounts of debt raises concern for recent graduates.
Students worry about not being able to buy a house or car, move to the city of their choice or land their dream job right away because of the need to pay off loans.
Panelists and students of the rally spoke about concerns with college affordability, misunderstandings of borrowing too much and struggles with working multiple jobs to afford college.
Parents were confused whether they should encourage their children to attend low-cost schools or more expensive schools so their children can get ahead in their future.
The Federal Reserve Bank of New York states that between 2005 and 2012, the number of student borrowers increased 66 percent and the average student loan balance increased 49 percent.
Mortgage debt is the largest debt in the United States, totaling over 7 trillion dollars, exceeding both auto and credit card debt.
Andy Held, adviser and assistant director for the Academic and Career Advising Center, mentioned that more occupations now require further training or education after high school.
“It used to be more common for people to get secure, family-sustaining work with a high school diploma or less,” Held said.
The main takeaway from the 90 minute Degrees of Debt discussion was that students should understand the impact of college debt before they apply to schoool.
In addition, school administrators need to strive to keep costs at a minimum or increase grants and work study options.
Ryan Gebler, associate director of financial aid at Lawrence University, attended the discussion and recently launched a pilot program to help students understand finances.
“People are making uneducated decisions,” Gebler said, “and the desire is there. College is not too darn expensive.”
He also suggested educating students earlier on by offering high school financial literacy training.
Lauri Keefe, career specialist & career development coordinator for the Academic & Career Advising Center at the University of Wisconsin-Stevens Point, recognizes the struggles students might face after graduation.
Keefe said, “They should be fine-tuning their resume, cover letter and gaining practical experience while in school to help steer them in a direction that matches their academic preparation, values, interests and skills.”
Logan Lopas, recent UWSP alumni, said the main thing he has done to pay off student debt is to adjust his budget to allow more than the minimum loan payment per month.
“Start applying for jobs a semester before you graduate,” Lopas said. “Because the process can take up to several months.”
Kaitlyn Wanta
kwant593@uwsp.edu
Reporter
