I will graduate with $100,000 in loans
Kelly Mears has a lot at stake in the debate over government-subsidized student loan interest rates.
June 24th, 2013
05:00 AM ET

I will graduate with $100,000 in loans

By Jennifer Liberto, CNNMoney

Washington (CNNMoney) - When Kelly Mears graduates from Union College in the summer of 2015, she will have $100,000 in student loans.

Armed with a political science degree, Mears will join more than a million Americans who have racked up breathtaking amounts of student debt.

Mears is also one of 7 million undergraduates caught in the middle of a debate in Washington over government-subsidized student loans, as interest rates are set to double to 6.8% from 3.4% on July 1.

"It just seems to be a part of the growing American experience to go to school, graduate and work off that debt for the rest of your life," Mears said.

Super-borrowers with $100,000 of student loan debt aren't the norm. The average student graduates with $27,000 of loan debt.

The New York Fed said those who borrow $100,000 or more are about 3.1% of borrowers nationwide. But it's easy to see how students get there, with four years of private college tuition running $116,000 on average, according to the College Board.

Read the full story on CNNMoney

Posted by
Filed under: College • College costs
soundoff (2 Responses)
  1. Kel

    I agree w/bud henson's comments. She doesn't seem too smart to be digging herself into such a big hole. Two words of very cost saving advice: community college.

    July 2, 2013 at 2:30 pm |
  2. bud henson

    Kelly doesn't understand supply/demand/economics.
    Either she wasn't paying attention in school or wasn't provided a secondary education that prepared her for college with the capability to make rational choices.
    ANYONE who takes a polysci degree without a VERY good prospect of a job upon graduation is not making a rational choice.
    And, why is her debt load 4x the average? Union College of New York is not Harvard. How did she rack up that kind of debt?

    June 24, 2013 at 10:47 am |