Today student loan debt seems as abundant as back-to-school supplies

Published: 2007-08-17

WASHINGTON (CNS) -- In a seemingly more innocent age, the back-to-school supply rush meant getting new pencils, pens, paper, construction paper, binders, folders, a Duo-Tang binder or two, plus a compass and the ever-popular protractor. Then came the calculator. And the bulkier textbooks. And the laptops. And the backpacks to cram everything in. Today, what may be heavier than that crammed pack is the debt burden incurred by a college student just to continue his or her education. With the heightened sense that only a college degree will gain a young worker entree to the current world of work, more students than ever -- thanks also in part to the demographics of the baby "boomlet" -- are attending college. But with states reining in higher-education funding, state-supported colleges and universities have had to hike their tuition rates substantially. Catholic colleges and universities, which don't have the government funding supports public institutions still have to hold down tuition costs, must charge higher rates. DePaul University in Chicago will charge $24,300 this school year for a full load of classes. Even students getting financial aid, such as grants and work-study programs, can find it necessary to take out student loans to help fund their education.

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