Students Sinking Deeper into Debt

Ohio ranks seventh in the nation for student loan debt among last year’s graduates.

For many students, the dream of graduating from college can only be realized by borrowing money…and lots of it.

"If I’m not making a lot of money then that’s going to be a big concern for me to have to pay that plus rent and all of the other expenses that I have," said Ohio University Zanesville student Nicole Lucas.

Lucas is borrowing $8,000 to pay for her degree from OUZ, which is significantly less than the statewide average of $28,000, but she will still join millions of others in the job hunt this spring.

"The unemployment rate right now is 9.1%, and students are having a hard time going out and finding jobs," said OUZ Financial Aid Coordinator Vicki DeLucas.

Megan Ault graduated from OUZ in June, and she’s struggling to make ends meet.  Since her income falls below 150% of the poverty level, she isn’t required to repay her loans just yet.

"There’s one hand where it’s comforting to know that I don’t have to pay it off as soon as January hits, but at the same time, I kind of want to get started and get it taken care of, because $15,000 is a lot," said Ault.

Part of the problem is students sometimes don’t understand what exactly they’re getting into when they sign on the dotted line.  DeLucas said every student is required to take an online quiz before receiving any federal funds…but it may not be so effective.

"You have to have the money for college, so it’s like your only option, so you just sign it and whatever comes with it," said Lucas.

Attending graduate school can add to the amount of debt students are already facing.

"That’s what makes me the most nervous is I’m in a waiting period, because I’m not sure if I’m going to be accepted to grad school, and what happens later on?  Because this job isn’t guaranteed either," said Ault.

There is some good news…

"59% of the jobs require a student to have some type of associate or bachelor’s degree," said DeLucas.

Standing out to potential employers can make the degree worth the hefty price tag.