Big jumps in private loan borrowing
[cnn-photo-caption image=http://i.l.cnn.net/cnn/2009/LIVING/wayoflife/04/19/college.credit.cards/art.nick.philliou.cnn.jpg caption="College sophomore Nick Philliou says he carries more than $10,000 in debt."]
Project on Student Debt
New federal data show that the percentage of undergraduate students who borrowed private student loans jumped from 5 percent in 2003-04, to 14 percent in 2007-08.
At proprietary (for-profit) colleges and universities, the percentage of students who took out these loans skyrocketed from 13 percent in the 2003-04 school year, to 42 percent last year.
Check out this analysis of the data by the Project on Student Debt.
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In '95 as a a mother of two on a legal secretaries' salary, I decided to return to college to finish my undergrad degree. The first year I tried to work part-time as a court reporter transcriptionist, raise a 6 year old and a 10 year old, and carry a full college load. By the second year I had borrowed my first federal loan. Twelve years later I have a Bachelor of Science degree, teach Special Education, and have a substantial student loan in deferment which cannot be forgiven because my first student loan balance was prior to 10/1/98. I teach in one of the designated "low income" demographic areas and teach in TWO teacher-shortage categories. I would love to know if my legislators have plans to help teachers like me or if anyone knows of grants I could look into. Thank you.
I have one child in college right now and while in the past 2 years she has done well on getting financial aid I worry about this coming year. I'm hoping she can get the funding she needs and that most of it won't be loans – especially high interest loans. Its getting tough though and I fear she does not understand just how tough it is getting.