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May 29, 2007 - Image 9

Resource type:
Text
Publication:
Michigan Daily Summer Weekly, 2007-05-29

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Tuesday, May 29, 2007
The Michigan Daily - michigandaily.com

9

STUDENT LOANS
Rising debt for grads

Stu
C

Univ
aspires
enthoo
zation
non-pr
But
self to
one ma
$60,00
Acc
the Pr
for gra
has inc
the pas
inflatio
college
about
* versity
$22,312
Stor
said th
ciated
Ann A
ing in
Amo
ing to
parent
cially,
associa
Financ
Rod
reflect
cy with
when
parent
plans
ing the
KEGS
From
ter ba
deposi
beer it
Qua
than f
lesser
new le
deposi
barrel
A qu
costs $
deposit
LSA
he thi
have b
sale of
difficu
the de

LdentL s owe more the Federal Plus Program.
aparents"Federal-Plus Program (Parent
as pPlus Program) has remained flat
,ontribute less for the last 6 years while out vol-
ume of private loans has increased
600 percent in the same time peri-
By PHIL AZACHI od," she said.
For theDaily Rodriguez also said increasing
costs of education coupled with
versity alum Jen Stone declining federal resources like
s to work for Planned Par- work-study grants, Perkins Loans
d or the National Organi- and Federal Student Educational
for Women, two prominent Opportunity Grants have wors-
ofit organizations. ened the situation for students.
before she can devote her- Another factor, she said, is a
social work, Stone has shift in state priorities from need-
ajor obstacle: an estimated based grants to merit-based aid
0 to payback in loans. - which leaves many low-income
ording to calculations from students having to take out pri-
oject on Student Debt, debt vate loans.
duates of public universities Stone said her lack of knowl-
creased by 65 percent over edge about loans might explain
st decade when adjusted for why she owes more than the aver-
n. In 2005, the average U.S. age graduate. She said her father
student graduated with filed her loans, and that she didn't
$20,000 in debt, while Uni- understand the loan payment
students owed on average plans outlined by the Office of
2 after graduation. Financial Aid.
e, who paid in-state tuition, "The federal aid exit program is
e high debt levels are asso- notreallygood at tellingyouwhat's
with the living expenses in good and what's bad," Stone said.
rbor and three years of liv- Rodriguez said the University
Stockwell Residence Hall. tries to ease the burden of rising
ong the several factors lead- debt levels for students by allocat-
rising debt levels is that ing an amount of grants to "self-
s are contributingless finan- help," which includes work-study
said Margaret Rodriguez, and loans.
ate director of the Office of Increasing debt levels are liable
ial Aid. to affect the direction students
riguez said the trend is take after graduation. According
ed in the increased frequen- to the National Opinion Research
h which students seek loans Center, graduates with debt after
compared to the number of obtaining an undergraduate
s who take out loans using degree are less likely to pursue
specified for parents fund- higher education than graduates
ir children's education like with no debt.
page 1
rrel are required to pay a
t close to the cost of the
self.
rter-barrelkegs weigh less'One '
ull barrel kegs and have a come
scrap metal value, but the
gislation extends the same'
t to quarter barrels, half-
s and full barrels.
uarter barrel of Coors light Wed.- mT s
$35. Batwo said that a $30 - Fri. & .at .- 1
t in addition is excessive. Fri. and Sat. is non s
senior Matt Cohill said
nks state legislation should 734-996-9080
een targeted at making the WWWaacomedy.en
kegs as scrap metal more Ask about student dsC
lt, rather than increasing
posit.

Journey's Backyard BBQ which took place Saturday in the Briarwood Mall parking lot featured pro-skaters and local bands.

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Open 7 Days Sun 12-

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