As college costs rise, so does student debt

Student debt is not going anywhere as college costs continue to rise, meaning some students will have to decide if the benefits of higher education outweigh the peril of being saddled with thousands of dollars in debt.

According to recent data by the Brookings Institution, debt taken out during college has now become is the second-largest source of a household’s debt.

Alex Kmentt delayed going to college because he said he did not want to waste money figuring out what he wanted to do. Instead, he spent 10 years working at Olive Garden before a customer convinced him to go to college. He now attends North Carolina State University and is a junior, and his debt is piling up.

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“I haven’t been able to complete a semester yet without taking out loans,” he said.

Kmentt said although he is taking out loans to pay for books, classes, and housing, he has accepted that debt is as a part of college.

“I try to be mindful of how much [debt] I have …but I also try not to stress over it too much because it’s another thing for another day,” Kmentt said.

According to The Institute of College Access & Success, 68 percent of students studying for a bachelor’s degree graduate with about $30,000 worth of student loans. Each year, students fill out the Free Application for Federal Student Aid (FAFSA) to try to minimize their accumulative debt.

The FAFSA compares income to college cost to determine the amount of federal aid a student may receive.

Michelle Hemmer, the Director of Financial Aid at William Peace University, said college is an investment into students’ futures.

She said she walks students through the financial aid process to help them understand the significance of their decisions, which could impact their quality of life after graduation.

“Obviously, we want them to choose grants and scholarships before loans, but it’s one of those things that is inevitable for some of our students,” said Hemmer.

College students are learning a hard lesson about debt. The Brookings Institution estimates nearly $1.4 trillion in loans are currently outstanding.

Fortunately for Kmentt, he said he has a plan for her student debt.

“My plan right now is to graduate when I’m 30, [and] be working. And even if I have to eat rice, and Ramen noodles, and hot dogs for the next 10 years, I plan on having everything paid off by the time I’m 40,” said Kmentt.

He said he may be a little behind the curve, but it is better late than never.