The total student loan debt in the United States is $1.56 trillion. As degrees are growing in necessity, entry level positions and universities continue to raise tuition which means students have to take out more and more loans to get through school. Interest rates on these loans also continue to rise, making it even harder for students to pay back.
On Georgia State’s Student Financial Services website, the in-state nonguaranteed tuition and fees rate per semester for twelve credit hours increased from $3,646 in 2011 to $4,487.24 in 2017, a 23% increase.
Based on a 2017 study conducted by The Institute for College Access and Success, the average amount of student loan debt for the state of Georgia was $28,653 – giving it a rank of 25 out of the 50 states.
For the 2016-17 academic year, the in-state tuition and fees was $8,974, and the average total cost of attendance was $27,088. The average debt of 2017 graduates was $30,167. Of the 2017 graduating class, 69% of them left Georgia State with debt.
According to the Georgia Student Finance Commission, in 2018, 13,219 Georgia State students were awarded the HOPE scholarship, and $68,196,290 was split among those students. The Zell Miller scholarship was awarded to 1,248 students, amounting to $8,248,943. in total.
Kevin Hernandez-Magana is a freshman at Georgia State who receives both HOPE and the Pell Grant.
“Why does it cost so much to achieve a higher degree of education that is expected of us to have?” Hernandez-Magana said. “There are scholarships and loans, but even with that some still can’t afford it.”
He’s dependent on these programs to get an education.
“If I didn’t have the help [of HOPE and the Pell Grant] I wouldn’t be here right now. It’s just not possible for someone whose family is at the very low end of the middle class,” he said. “My father barely makes $40,000 a year and has to support a family of five.”
Although Hernandez-Magana receives state and federal aid, it’s still not enough to cover both his tuition and housing.
“After this first year, I will have to look for student loans unfortunately, because the price of just housing took a huge toll on my father’s income and savings,” he said. “These student loans will follow me for years and years. I would be paying $15,000 after 12 years for a $3,000 loan. Make that make sense.”
Hernandez-Magana, who is taking a full-course load, also has to work in order to pay for textbooks, toiletries and the other basic essentials of a college student.
“Even working 30 hours a week I still find myself living paycheck-to-paycheck paying for basics,” he said.
But would Hernandez-Magana have still come to college if most entry-level positions didn’t require a bachelor’s degree?
“In my personal opinion, yes I would still have come to college just to have a security net in case anything happened to a job I was [working] at,” he said. “Especially as a gay man of color, I have to work and present myself a lot more than others in the workplace. Not only because of societal standards, but legally, since as a gay man I can be fired for being gay.”
The Signal also reached out to the Associate Vice President of Student Financial Services, James Blackburn, who asked to be sent questions regarding student debt. As of publication, The Signal has not received a response to those questions.
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