Facing student loans

Freshman Roger Teska is 18-years-old and is $14,000 in debt.\nHe might just be beginning his college education, but he is not alone. \nOn average, students borrow more than $16,000 over the course of their education, up about 66 percent since 1997, according to the U.S. Department of Education.\nAnd 19,000 of these borrowers are IU-Bloomington students, who have grown only 5.2 percent since 1997, according to the official financial aid report from the University's budget office. \nIn other words, those who could afford unassisted education before still can, while those who couldn't afford educational expenses only incur more debt in the current age of rising tuitions.\nBut students seem to feel their education is worth the large financial burden they assume.\n"Because I'm maintaining good grades, my potential future income will be higher having earned an education at IU," Teska said.\nJunior Cameron Stouder said he agrees.\n"The alternative of not borrowing and not going to school is far worse," said Stouder, who said he owes about $40,000. "I know it's something I'll have to deal with for a long, long time, but I'm not really planning my lifestyle around how I'm going to pay off my loans."\nRising tuition and fees costs are likely responsible for the new levels of debt students incur. The cost of tuition for IU-B went up four percent this year.\nTeska said he feels this tuition inflation is counterproductive. \n"The future of our nation is through the education of its individuals," he said. "With the rising costs of collegiate education, we're just working against ourselves."\nLess federal funding and a greater need for merit-based scholarships have forced universities nationwide to cut need-based gifts, said Bill Ehrich, associate director of client services at the Office of Student Financial Assistance. The result for students is a greater reliance on loans than for previous generations, Ehrich said.\nWith large financial deficits looming in their future, many students find their potential career paths limited.\n"The sad part is there are a number of good jobs that students aren't applying for because they don't pay as well," Ehrich said.\nAlthough they worry about amassing debt, some students seem to be maintaining a positive outlook.\nStouder said he manages to keep his financial situation in perspective as well.\n"I wouldn't say I'm OK (financially)," he said. "But I wouldn't say I'm at the point of potential bankruptcy, either."\nIf students have concerns regarding their financial condition, the Office of Student Financial Assistance is available for support. \nEhrich laments the fiscal difficulties college places on students, but said the trend will continue.\n"And I don't see a light at the end of the tunnel," he said.\n-- Contact staff writer Mike McElroy at mmcelroy@indiana.edu.