Tuesday, September 8, 2009

Student Borrow More Than Ever For College

Posted by Xiao Gao

Students are borrowing dramatically more to pay for college, accelerating a trend that has wide-ranging implications for a generation of young people.

New numbers from the U.S. Education Department show that federal student-loan disbursements—the total amount borrowed by students and received by schools—in the 2008-09 academic year grew about 25% over the previous year, to $75.1 billion. The amount of money students borrow has long been on the rise. But last year far surpassed past increases, which ranged from as low as 1.7% in the 1998-99 school year to almost 17% in 1994-95, according to figures used in President Barack Obama's proposed 2010 budget.

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1 comment:

  1. I agree with this article. Many students do not have enough financial to support themselves through expensive schools. However I do think that this is necessary because education is an investment that the students will eventually get back after they get a degree.
    Quang Nguyen