It's estimated students in the U.S. owe roughly a trillion dollarsFargo, ND (WDAY TV)-- It's estimated students owe roughly a trillion dollars in outstanding college debt, just in the U.S.
Fargo, ND (WDAY TV)-- It's estimated students owe roughly a trillion dollars in outstanding college debt, just in the U.S.
Senators have one week to come to an agreement before interest rates on those loans will double.
It's a scary situation.
That's what a Dean of Student Success told me today.
But while U.S. Senators struggle to find common ground.
Minnesota legislators are behind students, keeping tuition affordable.
Halston Jordan-Sophomore: "It's always a struggle."
Getting through school isn't easy.
Jordan: "It's too much with tuition."
Balancing a strict budget can make it even harder.
Jordan: "At the end of the month you're still looking at , like after bills, 15 dollars in your bank account."
Halston Jordan, is a sophomore at M-State. And like most students, is already in debt by 25 thousand dollars.
Jordan: "Quitting for me isn't an option."
But bipartisan deal, which would save the government more than $8 billion over the next 10 years. Hasn't been decided on. If there's not an agreement by the first of July, interest rates could double.
Shawn Anderson- Dean of Student Success: "I think it's very scary. I think it's a big concern."
On the upside, Minnesota Lawmakers are freezing tuition among all MNSCU schools.
That means, for a two year institution, the price tag will stick at just a little over five thousand dollars.
Anderson: "In my 20 plus year career in education, I've seen institutions freeze tuition a couple of times for a variety of reasons but I've never seen it done at a state level."
And over 200 thousand students will benefit from the plan. Sounds like a great deal, right?
Jordan: "When you finish, you're going to be under this huge pile of debt."
Halston says it's not bad, but believes there's has to be something better.
Jordan: "I don't feel like it's enough."
Some astounding number shows the average student graduating, will leave college with a pile of debt that amounts to 60 percent of their annual income.
So, if this deal doesn't get resolved, that number is sure to rise.