Students Loans Soar, ECU Students Worry About Paying Them Back

Outstanding student loans in the U.S. will exceed one trillion dollars this year for the first time ever.

Some East Carolina University students we talked with say they blame state budget cuts for having to take out more loans. Students like freshman Stephen Salazar say they worry about how they're going to pay their loans off. "Just about everyone that I'm friends with has loans, and most don't know how they are going to pay them off once they graduate, but like me they are here to get a good education to get that high paying job."

The amount of new student loans taken out last year in the U.S. crossed the 100 billion dollar mark for the first time.

According to the college board, students are borrowing twice what they did a decade ago after adjusting for inflation.

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  • by ECU Alumni Location: Greenville on Nov 10, 2011 at 06:49 PM
    Stop your whining and pay your bills. My wife and I graduated from ECU and borrowed over $70,000. I started working small jobs when I was 11 raking yards. I cropped tobacco and painted houses before I went to college. I worked all through college washing cars and other jobs. I started my first company while I was in college. My first job after college only paid $21,000 per year. Now I own a company employing a lot of people and we have no college debt, car loans, credit card debt, or mortgage. I am not that old, don't have to work, and my family did not have money.  Keep raising my taxes and I will close my business and stop donating to charity. 
  • by US-First Location: Greenville on Oct 20, 2011 at 12:03 PM
    No one is twisting their arms to take loans. The student mentioned in this article is very much like the occupy groups. When government has to tighten its belt, the handouts end and suddenly they are responsible for financing their own future and don't like it. Get one of those menial jobs they say only illegal immigrants will take and go to community college part time! Don't take out student loans if you are worried you can't pay them back. Just like' "don't get a mortgage on a house you can't afford". Lending money is a business like any other and it is lent to make money for the lender. Its not evil or unjust. It is not the governments responsibility (and by extension tax payers) to pay for your education. Most of these student loans the occupiers want to be absolved of came from federal student loans payed for by tax payers. The government expects a very modest return on that investment not just in the form of your entering the workforce at a higher level but also in interest on the loans which helps pay for new loans to new students!!
    • reply
      by uh on Oct 20, 2011 at 08:45 PM in reply to US-First
      Keep in mind that banks that over-leveraged themselves were bailed out and recapitalized and now make more profits than ever. Students who are over-leveraged are not being bailed out. It's not that they are looking for hand-outs, it's that they're wondering why the sector that caused this mess is rolling in profit, and they're using online calculators to figure out how many decades they'll be paying for their bachelor's degrees and whether there will be a job that meets their tested aptitudes and achievement levels.
  • by PAT on Oct 20, 2011 at 11:37 AM
    Loans were handed out before Obama was in offfice so cut it out blaming him for what has went on before he was elected
  • by Yeah on Oct 20, 2011 at 06:31 AM
    Maybe ECU should stop buying firetrucks for Greenville and Coca-Cola trucks with the ECU logo on them. That'd be a few hundred thousand in the bank they could hire some more staff with. There are so many pointless positions at this (and I'm sure many others) university. They need more professors, but have so many directors and chancellors that they can't afford to hire the blue collar workers. These are the people you'll find in the newly renovated buildings. Drive around the outskirts of campus sometime and pop in some of these public buildings to see the conditions the support staff has to work in. No hot water, faulty equipment, trash cans under the leaks in the ceiling, etc. ECU is just like the federal government...they have plenty of money, but their priorities aren't in order.
  • by Brandon (mentioned in video) on Oct 19, 2011 at 10:38 PM
    Hey Citizen! You must not have walked on ECU's campus lately have you? You obviously have no idea what you're talking about. Budget cuts HAVE affected the students in more ways than you can imagine... not enough class space, not enough professors to teach the material, and thats just a few to mention to say the least. Feel free to let me know if you would like to sit in on one of my computer programming classes. I'd be more than happy to give you a lesson in proving that YOU'RE WRONG. I in fact do know what I am majoring in, and know what I am going to do with it. I also know that you're a plain out idiot that again, doesn't know what they are talking about. Its stern people like you who are going to wind up in those nursing homes sad and alone and mad at the world for not becoming as successful as half the students going to ECU. Nice try trying to degrade the students YET AGAIN, but trust me pal. What you say or what half these other "supporting communities" around ECU say about me and my degree... only makes me ten times motivated to graduate in may.
  • by Citizen Location: Greenville on Oct 19, 2011 at 09:08 PM
    Yes I am serious, yes I am in college, no I have no kids. Some kids are not meant to be CEOs, some are meant to be fry chefs. It is the reality of the world. Too many kids are taught that they are unique snowflakes and are somehow special. Instead, you have a lot of misguided and clueless kids in debt up to their eyeballs with no idea what in the world they are supposed to do in 1-4 years. Perhaps they should have figured this out in high school and then made a good use of the student loans and/or mom and dad's money. This is what parents are for as well... to guide your children, and not waste 20-100 thousand dollars because they are being indecisive. Anyway, back on point. None of the cost of tuition has "suddenly risen" to some unaffordable amount. This is a story planted to play on the occupy wallstreet crowd so that people will continue to demand their loans be forgiven. That is wrong and should not happen. I'm tired of my tax dollars being given away as welfare to everyone. As for the nursing home, this is why I have a 401k plan and savings, and plan to retire early. That is, if the democrats don't steal that as well and give it to more people they think need it more than me.
  • by DS1 on Oct 19, 2011 at 08:24 PM
    What are they going to do, repossess their degrees? This isn't a car or a house, so I say forget these loan people.
  • by 40some on Oct 19, 2011 at 08:06 PM
    What happened? Oblama promised everyone a free education three years ago.
  • by Ignorant on Oct 19, 2011 at 07:40 PM
    It seems to me, when the government started loaning money, the colleges saw a way to raise tuition prices. The cost of college has more than tripled since the government got involved.....
    • reply
      by zeke on Oct 20, 2011 at 10:48 AM in reply to Ignorant
      You are 10000000% correct. When Government hands out blank checks, and there are no restraints. It will only get worse. obama has no idea what he has done.
  • by Anonymous on Oct 19, 2011 at 06:58 PM
    Tuition increases are necessary to support gay and lesbian centers programming.
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