Nationwide Student Debt Crisis a Growing Concern at Ramapo College

By BEN GOLDMAN

MAHWAH – Across the United States, students are feeling the pressure of having to pay off their student loan debt. At Ramapo College, students argue that the average $100,000 they must pay back to their schools is far too excessive.

This widely held concern that students hold across the country is true at Ramapo College of New Jersey. Students wonder about their mounting and impending debt and how they will pay it off following graduation.

“It occasionally makes me wish I never even went to college, because maybe I’d have a stronger net worth if I did not have my education. I am constantly promised that going to college is well worth it, but the money I am paying to go makes me think otherwise frequently,” said Joey Shigo, a business major at Ramapo.

Student Debt Crisis by the Numbers

College Board says that the average student debt for bachelors degree recipients from the 2016-17 academic year was $28,500. That’s quite a lot of money for students to think about right out of college, but the numbers stretch even further beyond reasonable when stacked against nationwide results. Forbes says that the total combined student loan debt in America sits at over $1.5 trillion, and that over 44 million U.S. college students are in some amount of debt that contributes to this number.

In the case of Ramapo College, like many other colleges and universities, tuition is the greatest cost factor. Ramapo’s tuition rates for in-state students sits at over $14,000, and over $23,000 for out-of-state students annually for undergraduate programs. Factor in room and board payments for students deciding or needing to live on campus, adding an additional $12,000 for each student; the annual payments jump to $26,000 and $35,000 for in-state and out-of-state students respectively. According to Ramapo College commuter affairs, 3,000 students commute to Ramapo, and are able to avoid these additional massive payments.

While two-year transfer students will pay between $50-70,000 for their tenure at Ramapo College, again respectively depending on whether or not they’re New Jersey state residents, four-year students will pay between an estimated $104-140,000 to attend the college and live on campus.

The student loan crisis is still at large at Ramapo College and across the United States, and continues to be an increasing burden for students seeking a higher education nationwide.

Impending Debt’s Negative Effects on Students

The fallout that comes with having to work towards paying off a copious amount of debt before being able to officially thrive in the “real world” has students questioning whether or not college is even worth the cost at all. Ramapo students are among millions nationwide facing the struggle with their debt, and even the very thought of it.

“Student loans are incredibly discouraging for me,” Shigo added. “I have had a good handful of classes that left me feeling unfulfilled, and as I sit through these classes, I cannot help but think about the debt I am in as a result of these mediocre classes. It occasionally makes me wish I never even went to college.

Stressful is an understatement when describing student loans and the impact it has on students. The process of paying it will be difficult. We are not guaranteed jobs after we graduate despite being promised them. For all I know, I may not land a job right out of college, and a part time temporary job does not provide enough income to pay off the looming debt,” he added.

Shigo is just one of many examples of currently enrolled students at Ramapo College that worry about their student debt, but alumni are also susceptible to the amount of stress that the looming feeling of a great liability brings. Having received their bachelor’s degree, and whether or not they choose to pursue further education, or immediately start progress towards finding their career, newly graduated students are already feeling the difficulties that massive student loan debt brings.

“The debt crisis is a problem because they [students] are pressured to find a job right out of school,” Jennifer Maister,  a 2018 graduate, said. “Unfortunately most jobs that pay well either need more education or experience. Most [students] are stuck with jobs with low wages while trying to find a job that they got their degree for. Also they struggle to pay rent, afford food and healthcare.”

Maister, a Ramapo College alumnus, received her bachelor’s degree in psychology, and plans to seek further education at graduate school.

“I am worried about being able to afford it [student debt], even if I do get a job. I am worried about interest rates and choosing the right loan. I would use that money on a place to live, insurance and organic foods, and would like to travel and save for life insurance,” Maister further commented on her worries about her debt and what her money could be put to use for.

Coping with Student Debt

It is difficult for students to maintain a positive outlook when it comes to paying off their debt, but some manage to stay optimistic through such a trial. Various methods are taken by students to cope with stress, and anxiousness relating to debt is no exception. Some of these coping methods, to say the least, are rather interesting.

“I just ignore it, really,” said Alfonso Gonnella, a law and society major at Ramapo College. “I move around with the expectation that I’ll pay it [student debt] off when I have the means. I expect to make money at some point. I’m planning to become a lawyer that can make some sort of money. I’m only positive because I essentially just kind of ignore it.”

While the idea of simply ignoring a massive liability is quite far-fetched, other students could learn from Gonnella’s example of maintaining a patient and progressive attitude. They must note the fact that in the end, debt is just money that can eventually be paid off with a clear mind and hard work. In truth, what really matters is that students get to where they want to be in their lives and achieve their goals, not only to pay off their student loan debt, but to pay off a greater debt to themselves.

Many young Americans struggle with paying off their #studentloans. Check out this piece from @Forbes about how to save on #taxes while paying off that student debt. https://t.co/QzWeLUlS79

— Barsz Gowie Amon & Fultz (@barszgowie) February 15, 2019