This Saturday, the class of 2012 will receive their diplomas; the air filled with a twinge of pride and sorrow. Our high graduation rate of 87 percent is a blessing to be sure. Many of our peers are bound for masters programs, law school, or the working world. However, many future graduates are unemployed, caught in a seemingly endless job search, and beginning to lose faith in the great unknown of post-college reality.
According to recent data compiled by the New York Times, student debt at Georgetown averaged $25,315 in 2010. The national average for that year was $25,250, and the data shows these numbers rising over the years. This data from the Times also shows that over 90 percent of students working towards a bachelor’s degree take loans or borrow in order to pay for their education.
At Georgetown, tuition hovers at around $41,000 and when combined with room and board averaging $13,000, the grand total can be crippling.
Federal student loan interest rates are set to double on July 1, which has the potential to increase debt for almost 6,000 Georgetown students. Senate Republicans just recently blocked a bill that was meant to curb the interest rate hike, further extending the debate. President Barack Obama is speaking out across the country in favor of low interest rates on loans, providing a real meaning to the circulating Twitter hashtag, “#dontdoublemyrate.” Students are protesting at universities around the country in hopes that the education they invested in will not become their heftiest burden.
Vox is starting a series on debt for Georgetown students. We want to hear the kinds of obstacles you’re facing, whether you’re graduating or just starting your first year of college. We’d even love to hear stories of students who have success keeping their debt from overflowing. Any and all stories are welcome.
If you want your story heard, email us at blog@georgetownvoice.com
Illustration by Nico Dodd
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