Seniors prepare for debt after graduation
Seton Hall students pay $1,028 per credit, which translates to $33,740 per year just in tuition.
Many students resort to taking out loans in order to pay for school, something many graduating seniors are about to face.
Students are usually expected to start paying them back within six months of graduating. Seniors are now experiencing the anxiety of finding a job in order to start paying back these loans as soon as possible.
“I took out over $100,000 in loans,” senior social work major Paris Branda said. “I’ll be 53 before I pay them back.”
As the fear of paying off such huge bills sinks in, some students said they think they have found a minor loophole that can delay the process.
“I’m going to graduate school so I don’t have to pay anything for now,” senior psychology major Patrick Thibodeau said. “I’m too broke to pay anything right now anyway.”
Although students continuing in school do not have to pay loan bills until they finish, their overall loan increases the longer they remain in school.
One student said her parents were paying off student loans until graduation.
“My mom pays the bill now but I will when I get out,” senior education major Samantha Lazewski said. “She pays about $200 per month I think.”
According to a recent survey taken by American Student Assistance, about 48 percent of graduates between 25-34 years old say they are unemployed or under-employed, and 70 percent say that over the past four years it’s been harder to make ends meet.
“Loans make me scared to graduate,” senior physician assistant major Sibil Pathickal said.
As loan debt increases for students over their years at college, some graduates turn to loan consolidation to pull all their outstanding debts together at a lower interest rate. They end up with a single payment, but it can be very high.
“It was hard enough to find a co-signer,” senior Joseph Spano said. “I don’t even want to graduate now.”
Joseph Martinez can be reached at email@example.com.