While student loan debt in the United States is expected to reach an all-time high of $1 trillion this year, surpassing the nation’s credit card debt, Boston University students say that the benefits of higher education outweigh the cost.
“This year I had to take out a lot of money,” said Sarah Lock, a first-year graduate student in BU’s physical therapy program. “I think it will pay off though. It’s an investment in my future.” In 2008, two-thirds of bachelor’s degree recipients graduated with student loan debt as opposed to less than half in 1993, according to an article in The New York Times.
However, there is a large difference in salaries earned by high school and college graduates, according to a 2008 Collegeboard report. In 2008, those with a bachelor’s degree earned a median salary of $55,700, which was $21,900 higher than those with only a high school diploma.
College graduates also had far lower unemployment rates.
Despite the positive aspects, however, many still worry about the debt, which is expected to increase after budget slashes, cuts to Pell grants and increases in tuition this year.
“Going into a lot of debt is only worth it if you’re getting something out of it that you can’t get at a cheaper school,” said Noah Kelley, a College of Arts and Sciences junior. “Something like [the School of Management], where there’s a tangible benefit.”
Cecilia Rouse, one of President Barack Obama’s Council of Economic Advisers, said to The New York Times that despite the mounting debt, college is still worth the investment.
Rouse said that the price of college is worth it, even to those who do not land a high-paying job after graduation, because a college graduate is still going to earn more during their lifetime and can expect to pay off their debt eventually.
Many BU students said that while their own loan debt worries them, they are optimistic that college is worth the investment.
“A college degree is always going to be worth the money in this day and age,” said Tim Hsiung, an SMG senior.
Gina Raymond, a first year physical therapy student, said she has a lot of student loan debt.
“I had to take out more money this year than I ever thought I would,” Raymond said. “It is a concern, but I think it’s worth it.”
Hillary White, a freshman in the School of Education, said her degree will enable her to do the things she wants, even if it means having to pay back loans.
“I don’t even want to think about my loan debt right now,” White said. “With my degree, I’ll have something to show for my debt, and I’ll be able to do the things I actually want to do.”
Other students regret going to a private university when they could have attended a community college for the first two years at a much cheaper cost.
“I regret going to such an expensive school. You’re definitely paying for a name,” said Lindsay Schwartz, a College of Communication junior. “It really depends on what you’re majoring in to determine if it’s worth the money, but the rising debt really promotes community college for two years then transferring.”
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