Universities disburse record amounts for student loans
The GW Hatchet
GeofgeWashington
University
WASHINGTON (U-WIRE)~
The number of college stu
dents taking out loans to finance
their education has skyrocketed
despite the leveling of college
costs in recent years, according to
a CNN.com report.
According to the October
report, universities handed out a
record $64 billion in financial up
the bulk of the money. On aver
age, individual students at public
institutions received about $3,350
in federal loans.
Privateuniversities granted
almost five times that amount,
totaling close to $15,400 a stu
dent.
"I would say that GW is typi
cal of a private institution when it
comes to student loans," said
Daniel Small, GW’s director of
student financial assistance. "We
might be a little bit higher. I
would say that GW students aver
age about $16 to 17,000 in loans."
Federal loans are the most
popular and accessible types of
student loans, Small said. The two
most common federal loans are
Perkins and Stafford loans. Most
students opt for Stafford loans
because they are easier to obtain
and usually offer large money
grants.
Nonetheless, students and
collegiate administrators said
repaying federal loans can be
stressful.
"The fact that everybody
needs to go to college to get a
middle-class job ... the fact that
you have to borrow more than you
used to, this is a problem," said
Patrick Callan, who runs
theNational Center for Public
Policy and Higher Education, in
the CNN.com report.
GW students said they have
the same financial worries as
students do nationwide.
"I’m getting close to 12
grand a year (in federal loans),"
said freshman Andy Wilson.
"And that’s going to be close to
$50,000 when I graduate. I’m
always worrying how I’m going
to be able to pay back that
money. It’s always hanging over
my head."
Other students said they take
a different approach to strategiz
ing about loan repayment.
"I really don’t think about it
all that much, because when I do,
it starts to give me a headache,"
freshman Dave Kay said. "I mean,
what’s the possibility that I’ll be
making $50,000 right offthe bat
following graduation? And forget
about saving money."
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