Degrees May Turn into Looming Debt

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Thousands of young adults borrow money every year to pay for college – hoping the job prospects a degree brings will be worth the investment. 

It’s college graduation weekend in Arkansas which means many students will walk across the stage and get handled a diploma, but with that degree comes a price.

Behind these recognitions lies thousands of dollars. 

After 4 years of hard work – Chris Nunez’s college career is coming to an end. 

But – financially – he’s only begun. 

“If you want this education and you don’t have the money up front then that is the only way to get that degree,” Chris Nunez said. 

Nunez sits in over 40 thousand dollars of student loan debt. 

“You’re kinda betting on yourself,” Nunez said. 

Mark Foster -the Director of Education at Credit Counseling of Arkansas – says he’s seen an increase of students asking for loans – a problem that may haunt them for a large portion of their lives. 

“Graduates are now postponing getting married, starting a family, buying a house, or even a car because they simply can’t afford to,” Mark Foster said. 

Foster says schooling is becoming more expensive and additional degrees are what set job applicants apart. 

“I have people come in here that pay 500 dollars or more a month now,” Foster said. 

But Foster adds developing a plan early on will pay off in the future. 

“There is a saying that if you live like a professional when you are a student get ready to live like a student when you are a professional,” Foster said. 

In addition to the loans, Nunez is working to prevent this from happening to the next generation. 

“It is now going to be my goal to set up accounts so my children do not have to take out loans because it is way easier to focus on school when you don’t have that burden on your back,” Nunez said. 

 

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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