The Cardinal Times

Filed under Features, Student Life

A dream college might mean nightmare debt

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Young inexperienced teens often feel pressure to attend expensive private universities. While some students may be accepted to a “dream college,” they may not know how they will finance it.

Loans are often an option.

In her Time Magazine article, Kaitlin Mulhere notes, “Of the more than 40 million Americans who have student debt, 5.9 million—about 14 percent of the total group—owe more than $50,000.”

Why do students rely on student loans? Capucine Grisot, a junior at Lincoln, is tackling the struggles of college financing.

“My dream school would probably be Tulane. It would be hard to finance myself for college, so If I got accepted without a scholarship, a student loan might be my best option.”

Mr. McGee, a counselor at Lincoln, gives insight on his process when helping kids further their education.

“Student loans are a considerable option for students who do not have the funds. It all depends on the kind of loan. Most students who are borrowing money are getting it from the government. Those loans have a lower interest rate (which means you will pay less) as they can be stretched out over longer periods of time. They also give you multiple options to pay for it. I would advise students to stay away from private loans.”

Students wrestle with making financially prudent decisions.

In the New York Times article, “Is Student Debt Worth It?” student Michael Arceneaux asks, “Why did I choose a fancy school if I didn’t have the money? And if I’m so far in debt now, why am I writing this and not pursuing a more lucrative career as a doctor or lawyer?”

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