Minnesota grads carry heavy student debt burden

  • Article by: Jenna Ross , Star Tribune
  • Updated: June 1, 2013 - 6:36 PM

The average debt was $29,800. For-profit colleges and two-year degrees were included.

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homeryanstaMay. 31, 1310:10 PM

80k in debt from a state university and I'm supposed to feel bad for you? It's about 10k a year including room and board at a public state institution. She either took out a bunch of unnecessary loans or was in school for 8 years.

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melloncollieMay. 31, 1310:13 PM

Keep letting these students borrow cheap (subsidized by taxpayers) money to pursue worthless degrees and the schools will increase tuition to take everything they can get. Obama has already introduced a plan to "forgive" these debts and the 50% of us who still pay income taxes will pay the entire amount.

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mikehextMay. 31, 1310:20 PM

Its too bad your congressman, John Kline who is in charge of the Education and Workforce committee is under the thumb of for-profit college and student loan industries. They write his policies. Relief wont come any time soon while he is in office. He, Virginia Foxx, Buck Mckeon, and many others go by what the lobbyists say, not the Americans that they represent.

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mikehextMay. 31, 1310:32 PM

EDMC & other for-profit scam colleges have sponsored Congressman John Kline to get legislation that favors them and allows them to keep the 90% of Federal money and 10% other funding that keeps them in business. Without taxpayer money funneled through students they scam, they would NOT exist. This is not education, it's corporate welfare at the expense of the poor. These are not schools, they're DEBT FACTORIES.

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homeryanstaMay. 31, 1310:43 PM

If by "cheap subsidized loans" you mean 6.8 apr then I might have gotten the wrong idea of what cheap is. I'm paying for student loans right now. I've been paying for a little over a year and have less than 20k left. The majority of the rates are at 6.8 apr, a few at 6.0, and if 1 in the 2.xx range. A credit card has better rates than school loans.

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infoninjaMay. 31, 1310:48 PM

I take full responsibility for debt I incurred, but I feel the degree I earned was overpriced and overvalued. I took full advantage of scholarships, grants, attended summer courses, worked full-time, and still somehow didn't even come close to meeting the costs of tuition. I came out with about 37,000. Many older folks have no idea how out of control the costs are for higher ed right now. It's impossible to work and pay your way through college. Everyone is forced to take on excessive debt, except the students whose parents pay their tuition. It's not fun devoting 1/3 of your income to student loans. It's impossible to get ahead, and join adulthood. Many of my friends feel the same way, and have been rotting away at dead end jobs with low wages for the past 3-4 years. My generation feels robbed. I do not want to be part of the "New 30" who acts like they are still 22. Give us the rite of passage we deserve for adulthood, and quit treating my generation like we are only here to be ripped off and exploited. Higher Ed feels like another con game in the Great American Extraction society.

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mikehextMay. 31, 1311:26 PM

Students take full responsibility, they try to move on and restart financially when they realize they've been swindled and student loan bankruptcy rights were swiped from under them. So Ai aka EDMC is ripping off students & leaving them in the highest debt right? Yet they donate $115,500+ to John Kline to keep him in office. Conflict of interest? A huge one.

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gambrinusJun. 1, 1312:07 AM

To reduce student dependency: 1) The federal government should exit housing and education. Its record is that of creating financial bubbles when it pours money on anything. 2) Send illegal aliens home by fining and imprisoning their cheating employers. The result would be millions of entry level job openings for students. Because there would be a resultant labor shortage, students and other US entry level workers would be paid more. Students would have something to do besides playing computer games and wouldn't need as much loan money.

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geds83Jun. 1, 1312:20 AM

It would be nice if they told us what the average student owes in loans. NOT just the students who have loans, but all students. Who would have thought that when you take all the $0's out of the average, the number goes WAY up!

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supervon2Jun. 1, 13 5:31 AM

29K? I think that's a pretty good deal for jobs that pay 10K over a high-school grad. Any payback in 3 years is a pretty good investment.

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