Students speak out: college loans

Graduating in the recession has made finding a job harder. ABC News reports that about 19.7 percent of May 2009 graduates have found a job. As the economy and job market suffer, many students are entering the real world with college debt. AU’s cost of attendance per year is $47,386, according to AU’s Admissions Web site. The College Board reports that 1,076 freshmen entering AU applied for need-based financial aid.  The average financial aid award at AU is $29,771, according to the College Board. District college students talk about how worried they are about student loans, and how they plan to pay them back in this recession.

How will you pay back your loans?

Kylie Rodgers
SCHOOL: Catholic University
YEAR: Class of 2009
MAJOR: BA in Human Relations
“They mail you ... every week. And half the time this is not even to tell you anything is due but something has changed lenders, changed interest rates. It’s just one of those bills that you have and you pay for the rest of your life.”

Theodoro Torrez
SCHOOL: Catholic University
YEAR: Senior
MAJOR: Civil Engineering/Architecture
“Hope, a prayer, and a dream. After school just work, work, work. I’m looking into going to law school when I graduate. It’s scary. In the long run it’s going to take longer and be harder for me to find a job.”

WILL RODRIGUEZ
SCHOOL: AU
YEAR: Class of 2009
MAJOR: International studies and history
“One or both of my parents might have to take up a part-time job to make sure that we aren’t caught in a bind.”

Leslie Root
SCHOOL: Georgetown University
YEAR: Graduate student
MAJOR: Linguistics
“For a year or so, my parents were paying it back in monthly installments of about $75, since they promised to pay for my college education. I decided I’d rather pay it back myself, though - my parents have done enough for me and I don’t want to burden them anymore - and I plan to do so after I graduate from grad school. For now, the loan payments are deferred because I’m in school.”

Seta Paramdeo
SCHOOL: AU
YEAR: Sophomore
MAJOR: Business
“Through my lovely education from Kogod School of Business at American University, I expect to be in a career so that I can pay off my loans sooner rather than later.”

Patrick King
SCHOOL: Catholic University
YEAR: Sophomore
“I may be paying them back, but I’m not sure at this point. I have two younger brothers and what they choose will make a difference.”

Esther Song
SCHOOL: AU
YEAR: Junior
MAJOR: Broadcast Journalism and International Relations
“I am very concerned about paying them back, especially on a journalism salary, which is what - 20 grand a year? - That is assuming I will get a job.”

Gabriela Febres
SCHOOL: AU
MAJOR: Audio Production
“A very long time, but I’m okay with it because it is completely worth it. I’m not planning on starting my own family right after college so I will have a couple of years to bring my debt down.

Are you worried?

Nicole Elliot
SCHOOL: Catholic University
YEAR: Junior
MAJOR: Political Science
“Since the economy crashed, I’ve been thinking about transferring to a college closer to home, where I can commute to pay less.”

Rachel Roth
SCHOOL: George Washington
YEAR: Sophomore
MAJOR: Criminal Justice and Psychology
“The economy has definitely made me more wary. I got more financial aid this year, but if that changes, I might not be able to return to GW next year.”

Patrick King
SCHOOL: Catholic University
YEAR: Sophomore
MAJOR: History
“I am optimistic, at least in my year, that by the time I graduate I think the economy will have bounced back and there will be many jobs.”

—EDITED BY ABBY WIHL, KRISTEN BOGHOSIAN, JOHN ADAMS AND BRYAN KOENIG; REPORTED BY SOC ADVANCED REPORTING CLASS