Credit And Loan Debt An Issue For College Students
Students have an excessive amount of debt, whether it is related to college loans or credit card penalties accrued while they are in school.
Record high credit debt has been reported in a recent study, showing that 76 percent of undergraduates own credit cards and have $3,173 worth of credit debt, on average.
The study, conducted by Sallie Mae, and also said that 21 percent of those students have a balance between $3,000 and $7,000. These numbers are most likely inflated because of the recession in the U.S.
“The bad economy has impacted all of us, directly or indirectly,” Juan Franco, the University of Nebraska-Lincoln vice chancellor of student affairs, the Omaha World-Herald reported. “People realize that in bad economic times, people that are doing financially well, all of a sudden, could not be doing as well. You have to be prepared for that.”
The Project on Student Debt reported In Nebraska alone, 64 percent of college students that graduated in 2009 have an average of $22,361 in loan debt. This number is less than Iowa, where 74 percent of graduates have $28,883 in loan debt on average, according to the news source.
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