Student financial aid debt at Emporia State increased by 8 percent last year, according to Elaine Henrie, director of the Financial Aid Office. Nationally, students carried an average of $23,200 in debt in 2008, according to the Project on Student Debt, a nonprofit independent research organization. Historically, student debt has risen by 6 percent every year nationally.
The average debt was $19,085 for Stafford or direct loans for the May 2009 graduating class at ESU.
Henrie said students should keep track of loans and consider their choices.
“Stay in contact with the lender, find out what options you have, and don’t ignore it,” Henrie said.
The Project on Student Debt, which reported the National Postsecondary Student Aid Study numbers, said that ESU students have on average $17,680 in debt at graduation and showed that 70 percent of students at the university graduated with debt in 2008.
The study compared the states to find trends in student debt. High debt states are mostly situated in the Northeast and low debt states in the West. Out of the 49 states that participated in this study, Kansas was ranked 25.
Students, like sophomore chemistry major Jim Pickert, have concerns about their student debt. Pickert has been working on paying back his loans while still attending classes.
“I made a substantial payment a little while back…I don’t know, it depends on how things go,” Pickert said.
Senior art therapy major Jessemine Baker said she has accumulated $25,000 in debt after two years at ESU. Baker said she plans on becoming a school counselor and hopes that the government will pay off her loans. When she gets a job she said she plans on paying the interest.
“If we’re properly prepared we can do our jobs that we were educated to do and help us get out of debt. It sucks that we are in so much debt and it makes sense of why college kids are so broke,” Baker said.
Other students found ways to avoid private loans in addition to federal financial aid.
Bumming rides home, living off $20 for the rest of the week and creating a budget are some of the ideas offered by Laci Banowetz, freshman elementary education major
“I didn’t take any loans out this year, but will next year,” Banowetz said.
Freshman history major Brent Williams said it would be possible to live off less than normal.
“I will need to create a budget and I could live off $20 for the week,” Williams said.
Pell Grant recipients, who generally have family incomes under $50,000, are much more likely to borrow and to borrow more. Among graduating seniors who ever received a Pell Grant, a national average of 87 percent had student loans in 2008.
Nationally, those Pell Grant recipients had an average debt of $24,800. At ESU, 28 percent of graduates are those in debt and recipients of Pell Grants.
In addition to grants, ESU students receive an average of $1.8 million in scholarships.
High student debt in Kansas is typically found in the private schools but Wichita State University leads the average of public schools at $22,166 with 59 percent of graduates with debt.
Of the public four-year institutions in Kansas, Fort Hays State University has the lowest student debt. FHSU graduates have an average debt of $15,601 with 51 percent of FHSU graduates in debt.
Kansas State University and Kansas University are on the higher end of the state average. KU has an average of $20,902 debt for 46 percent of graduates. K-State is lower at $18,666 average debt for 57 percent of graduates.
Students are urged to seek any answers regarding their loans and financial aid with the Financial Aid office on campus. Contact at 620-341-5457 or stop by Plumb Hall 103.
More information on the NPSAS study can be found on www.projectonstudentdebt.org.
Liz Coffey
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