Perhaps it is time that a separate subcategory under the "Financial Aid & Scholarships" forum for "College Loans & Debt". While
access to loans may constitute financial aid, the loans them self are not financial aid, any more than a mortgage or car loan is financial aid. The loan burden upon students and their families is growing. This thread is an extreme example, but one that I fear may become more common. Students need to understand that loan is debt that must be repaid. That fact cannot be overemphasized.
There is a new report out on student indebtedness. It received mention on insidehighered.com
Quote:
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Average student loan debt for graduating seniors in 2006 grew at twice the rate of their average starting salaries, according to a report released Tuesday by the Project on Student Debt. The report, “Student Debt and the Class of 2006,” found that students graduating from four-year colleges in 2006 had 8 percent more debt than their predecessors the year before, while their starting salaries increased by about 4 percent over those in the 2005 class. ... High debt is often connected with higher tuition and other expected factors, but there are many exceptions, and low tuition doesn’t guarantee proportionally low debt.
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The 15-page report is here:
http://www.projectonstudentdebt.org/...port_FINAL.pdf