Student Debt Today

Not only to current college students have to deal with finding a job in the crashed economy but also, student bear the burden of paying of student debt.

The Seattle Times recently featured a piece revealing the financial stress among students and lenders in these tough economic times. According to the article, while a large number of student loan lenders have completely stopped handing out loans, the firms that continue to distribute loans have become highly selective in picking students, according to Sally Mae, one of the nations largest student loan lender. Even the federally backed loans are becoming harder to get in this economy.

Both student's and the jobs of lenders are feeling the pressure in this economy, hopefully a new bailout plan will promote lenders enough to once again support students in pursing their education.

If you too are feeling the burden of paying off student loans visit this website which features helpful tips.

One of the Lucky Ones

As of right now I am one of the lucky few students who seems to be out of debt. My parents have been paying for my college tuition thus far, although with the recent stock market plunge, I am not sure what the future will hold. I am planning on continuing to apply for scholarships and hope that the economy can right itself before I am out there looking for a job.

If I do end up acquiring some debt before I finish my schooling, I would not at all be surprised. My parents have been saving money since I was born, and I am receiving a small portion of academic scholarship from the school, but Santa Clara still costs $45,000 a year. I am trying to work a little bit when I can in order to pay for my own basic things outside of school, like laundry, food, social activities. I don't have a car at school and probably won't bring one down next year either to save money on gas and insurance.

Also If i end up getting debt, I would probably be screwed, because I have no idea what I want to do, but as of now I'm very involved in journalism and there is no money there. I was really good at math and science in high school, I might have made a mistake!

Here's an article from USA Today about college students in debt.

*'Students suffocate under tens of thousands in loans'

My Deep Thoughts on Debt

I am very grateful to have parents who support me in whatever I choose to do. They are paying for my tuition at Santa Clara University, as well as my brother's at the University of Oregon. I babysit a few times a week and make good spending money, but my parents are paying for pretty much everything. I know that after graduation I will do what I can to pay them back for the loans they have taken out.

Debt is a word I try not to use. I have an internship with Target this summer and I hope to work there after graduation. I am lucky to have a job lined up while many are suffering in these tough economic times. I didn't realize that going to a private university would cost my parents so much. After freshman year, I moved off campus to save some money. I have a slight problem with saving money, so I'm trying to work on that. I had to open a savings account and I force myself to put in $10 a week, its all about making little changes.

Right now I don't feel too worried about the future, but after reading this article about other college students and recent grads, I'm a little nervous about paying off the loans. I was planning on moving back to San Francisco to live in an apartment, but we'll see if my budget allows me to do that.

Profiles in Debt

Name: George Padilla

Major: Communication

Year: 2009

Debt: $25,000

Deep Thoughts on Debt: "I am not nervous I have been in financial difficulty before and worked it out. These are lower interest rates that ecru interest slower than a credit card or something. Working in the future will take care of it. It doesn't keep me up at night."

Profiles in Debt

Name: Nick Satterfield
Major: Civil Engineering
Year: Freshman
Debt: 2,000 a year
Deep Thoughts on Debt: "I have a student loan for 2,000 a year and it is going to come out to between 8,000 and 10,000 by the time I graduate it. It's not that bad but I don't really think it is worth it compared to how much it costs. To me, it makes more sense to just pay it now but my mom wants me to have it the way it is. My mom is trying to push me a little bit so that I pay for some of school. I also have financial aid which helps. I'm under the impression that it is guaranteed. Hopefully that's true; I don't know."

Profiles in Debt

Name: Cary Chein

Year: 2010

Major: Law Student

Debt: $40,000 in student loans

Deep Thoughts on Debt: Chein plans to pay off his debt by scoring a job in a law firm in patent law post graduation. Despite his plans, he is a little concerned about finding a job in law student in this economy.

Profiles in Debt

Name: Lauren Tokheim

Major: Accounting

Year: 2011

Debt: "I don't know, I have my parents' credit card so I owe them"

Deep Thoughts on Debt: "I'm in debt with my parents. I owe them for everything I've borrowed, which is all spending money. I have to pay them back for my sorority dues, but I don't owe them for tuition and books. I plan on setting money aside from my paychecks. After graduation I want to work for an accounting firm in a big city, but I don't know where yet."

Profiles in Debt

Name: Diana Slaught

Major: Management

Year of Graduation: 2011

Estimated Debt: No Idea

Deep Thoughts on Debt: "If I did have debt, I really wouldn't want to think about it. I have summer jobs and spend my money pretty quickly, but my parents take care of our financial situation."

Profiles in Debt

Name: Joanna Savio

Major: Anthropolgy, Sociology

Year: 2010

Debt: "Right now I owe myself like $500"

Deep Thoughts on Debt: "I'm pretty much in debt to myself. I plan on taking a year off after school to work at a museum back in Hawaii. I'll get a SCUBA license and pay off my loans with that, so I'm a little worried but I know I can pay it off."

Profile not in debt

Janna Goebel will cross the stage, shake President Engh's hand and receive her diploma June 13 without a financial debt to repay. "I was fortunate enough to be fully financially supported," Goebel said.

Though she may not have had the burden of student loans, Goebel applauds those who take on the responsibility. "I think it's admirable that people come to Santa Clara knowing that they will leave with large amounts of debt because they value their education so much. I'm not sure I would have had the courage to do that," she admitted.

The Spanish major may not escape financial ties for long, however. "I've gained an appreciation for education and I plan to continue on to grad school," Goebel said, "though I will most likely end up in debt as a result."