1 in 5
recent college graduates
have jobs that
DO NOT require a degree
INSIDE
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115,000
Student Loans
TRU
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80,000
grads
NITO R
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VOL . LIV, ISSUE 16
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Thursday Feb. 7, 2013
D RIV
80,000 grads
grads
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grads
RT
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80,000
BA
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323,000
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THE DETAILS OF STUDENT LOANS, PAGES 3&5
EN DE
POPULAR MAJORS OF RECENT GRADUATES Business 358,000
LET’S COEXIST, PAGE 8-11
Social Science 173,000
ONLINE www.theloquitur.com
y Psycholog
110,000
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Only half of recent graduates found a full time job
CARA CASTELLANI | DESIGN EDITOR
While student loans help 60 percent of students pay for college, the amount of money borrowed has surpassed $1 trillion. We owe more money for student debt than we do for credit card debt. BY ROBERT RICHES News Editor
Whether or not it’s the guy who lives several rooms down on your floor or the girl who lives several houses away back home, chances are you know someone who has taken out loans to afford their education. Taking out student loans is not a rare occurrence; as close to 12 million students borrow money to pay for their education, good enough for 60 percent of students who attend college. It’s no secret that the number of American students who attend college would significantly decrease if not for loans. However, while student loans work out excellently in the short term, they are subject to many issues in the long term. Back in 2010, the amount of money owed for student debt surpassed the amount owed for credit card debt. In 2011, that
amount surpassed $1 trillion. So what do those 12 zeroes after that one mean? It’s a reflection of the downside that comes with the positive of working and studying for that degree. It’s a representation of the Morton’s fork that is modern-day higher education in America. President Barack Obama recently launched a “Pay-asYou-Earn” program that allows borrowers to pay only 10 percent of their annual income in monthly payments, with the remaining balance of the loan being forgiven after 20 years. While that does sound ideal, the borrower will still have to pay taxes on the remaining balance President Obama’s “Pay as You Earn” program may or may not be a perfect solution to the problem, but there is only one sure way to find out. RTR29@CABRINI.EDU