Students Making Sacrifices To Meet College Costs | WAMU 88.5 - American University Radio

WAMU 88.5 : News

Filed Under:

Students Making Sacrifices To Meet College Costs

Play associated audio
Students are bearing more of the financial burden of student loan debt than in years past.
Students are bearing more of the financial burden of student loan debt than in years past.

Despite the rising costs of higher education, and less financial assistance from home, more students are finding ways to pay for college on their own.

Raphael Jaimes, a Ph.D student at George Washington University in the District, calls Arlington home. Jaimes says it's cheaper to live in Arlington, and to help pay for school, he's cutting back in other areas.

"Unfortunately, I feel like I have to cut costs when it comes to food as well," says Jaimes.

He's not alone. The nation's biggest student loan provider, Sallie Mae, says the burden has shifted to students to pay for higher ed. A study conducted by Sallie Mae (pdf) shows that parents are scaling back when it comes to helping their kids pay for college. Parents spent an average of $5,955 on tuition in 2012, down from the high of $8,752 in 2010.

Adding to the burden, figures show 10 percent fewer scholarships are being handed out as compared to 10 years ago.

Instead, students are increasingly turning to federal student loans to make up the difference. Both percentage of students using federal loans and the amount borrowed reached five-year highs in 2012, at 34 percent and $7,874, respectively. As a consequence, student loan debt topped $1 trillion earlier this year, according to the Consumer Financial Protection Bureau.


Out Of Ukraine, This 'Suitcase' Packs An Immigrant's Story With Humor

Ari Shapiro talks with first-time novelist Yelena Akhtiorskaya about her book, Panic in a Suitcase.

Widely Used Insecticides Are Leaching Into Midwest Rivers

Researchers found that a class of chemicals similar to nicotine used on corn and soy farms have run off into streams and rivers in the Midwest. There they may be harming aquatic life, like insects.

Forget Tea Pot Dome: Harding's Love Letters Make For A New Steamy Scandal

The Library of Congress has released the rather racy love letters that former President Warren G. Harding sent to his mistress, Carrie Fulton Phillips.

Solving The Scourge That Is Slow Hotel Wi-Fi

Hotels are happy to charge you $300 a night for a stay, but their Wi-Fi speeds are often too slow to stream a movie. Now, two competing sites are trying to solve the problem.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.