KGWN –Cheyenne, WY– Scottsbluff, NE News,Weather, SportsStudent Loan Debt Reaches Record-High

Student Loan Debt Reaches Record-High

Student loan debt in the U.S. will likely break the 1-trillion-dollar mark this year.
The average student loan debt nationally is about $24,000. In Wyoming, it's about $17,000 per student, and it usually takes 20 or so years to pay it off.
The big debate is whether student debt is healthy or unhealthy.

For LCCC student Cameron Green, taking out student loans is worth it, because a good education far exceeds the consequences of paying for it later.
"With my situation, even though down the road, it could turn out to be a lot rougher, I think that's a risk I'm willing to take in order to get a good education," Green said.
And Jim Rose from the Wyoming Community College Commission agrees. While the nation is reaching the $1 trillion mark for student debt, which is even higher than credit card debt, if students are properly training themselves for the workforce, it's worth it.
"There's a lot of discussion right now about the investment in a college education because of your earning power," Rose said, "Eventually, you're going to be able to gain back the value of that loan by virtue of your additional earning power."

LCCC Financial Aid Officer Joey French says LCCC, as well as most community colleges and universities in the nation, uses a program to lay out plans for students seeking loans.
"We help them by basically creating a checklist for them to get through the process so that way they can get an order form for their upcoming school year," French said.
These plans help students pay off their debts once they enter the workforce, on time and without penalties.
"We encourage students to definitely look at their career field and make sure they're definitely getting into something that [will] have job opportunities out there for them," French said.
But, because of the flailing economy, French says most students are opting for pell grants or scholarships, so they don't have to pay for school.
"We've seen an increase in that, just because there is a lot of [problems with the] economy  right now, so we've seen a lot of students that have applied for pell grants," she said. "We've had a 56 percent increase in the last two years with financial aid."
That seems to be the best option, but Rose still thinks students should not be afraid to take out a loan. He says it's a good investment for the future.
"It's almost something we really do have to pay the fiddler [for], but I really think it's a necessary investment," Rose said.
And green, who is pursuing a second degree at LCCC, he couldn't agree more.
For him and many other students in Wyoming and around the country, an education, at any price, is worth it.
"In my current situation, yes, I am really worried about it, but, iIm more of an optimist, and I'd like to think that there is going to be a brighter future out there, hopefully," Green said.
"It's just going to take a few years for them to nail down how they're going to fix the economy.
And I just think that, hopefully, by the time I'm done with school, that the jobs will be out there."