By Brittany Cruz
Students striving for their dream job are being crushed by student loan debts. The average student loan debt from a university graduate is at an estimated $30,000.
Students at Texas A&M International University (TAMIU) stand outside the Financial Aid office in desperate need for funds to cover their educational expenses. Every year, students face the issue of not having sufficient funds for school costs, and therefore resort to taking out student loans.
A student at TAMIU stated, “I have taken out the maximum amount from both Subsidized and Unsubsidized loans that are offered in the financial aid packages. Both loans are not enough to cover the cost of both my tuition and housing fees. I have had to resort to taking out a private loan to cover the cost of my education and living.”
Situations vary throughout the student body; some students have the fortune of not taking out loans, while others have to take extra measures and take out private loans. Students in desperate need of advancing in their education are willing to do anything to cover the cost. A college degree is considered the best path to a job that has a decent salary to pay off student loans. Students strive to look for a career to pay off their loans, not necessarily get their dream job. Having the best job possible is something that is promised to students if they pursue their education.
However, today, students often have to face reality after graduation and often do not end up with their dream job. Payment plans have high interest rates and are usually income-based. Students find it complicated in finding a job in order to repay student debts. While it is easy to access these loans, it is harder to get a worthy career. It takes about 15-25 years to finish paying off a student loan, and so it is a big decision and very important to understand the different types of loans, and the amount of time it takes to pay it off.
Graduates from TAMIU face these complications once they have graduated, and have accumulated a large amount of debt in student loans. Working full time jobs at local restaurants and retail stores is normal for someone to do after they have graduated in order to start paying back their loans. Students are walking around with a big debt to their name, making it that much more stressful for them to pay it back.
Several borrowers from TAMIU have stated, “Having this much debt in your hands can be difficult to handle. It is stressful when thinking of payments and being on time. Just thinking of how much is owed can get overwhelming. Will receiving a high education ever be affordable?
