Affordable Higher Education A college degree is practically a
necessity these days, not only for the individual student, but
for the economic and social health of the country. But the
combination of shrinking state budgets and stagnant grant aid
has led to an increased reliance on student loans to pay for
college. Just 12 years ago only one-third of college graduates
from four year public colleges needed to borrow money to attain
a college degree, and now more than two-thirds of graduates have
federal student loan debt. Twelve years ago, graduates who
borrowed carried around $12,000 of debt on average, and now they
carry over $23,000 on average. Worse, the percentage of students
with $25,000 worth of private student loan debt has increased,
from 5 percent in 1996 to 24 percent in 2008. Relying on student
loans to pay for college can have negative consequences. Too
much loan debt causes qualified students to opt out of college
completely; it causes current students to work too much and
study less, and it cause