A new report on student debt in Connecticut reveals the challenges students and their parents experience trying to pay for a college education.
The report, "A Mountain of Debt," was released by a new coalition called Higher Ed, not Debt CT. The report reveals some bleak statistics: since 2008, state funding for higher education has decreased by 26.6 percent. Colleges and universities have responded by increasing tuition by 27 percent, leaving students to pick up the tab.
— Christine D (@cdickason11) September 18, 2014
Jason Collete, national organizer for the Alliance for a Just Society, who put together the report, said many parents are unprepared for the dramatic rise in tuition. "Often times parent's savings or accounts that were set up when a prospective student is a child just don't cover nearly enough," said Collette. "That is really hurting students' ability to make it through school without having to work very long hours, and/or taking out excessive amounts of student loans."
Watch CT-N's footage of the report's release below:
Sixty-one percent of Connecticut's graduating class of 2012 had to take out student loans, and accrued an average student loan debt of $27,816, according to the report.
Higher Ed, not Debt CT recommends a few measures for state lawmakers to consider to help cut down on the increasing cost of higher education. They include a tuition freeze for public universities; a pay-it-forward model, where students pay no tuition, but pay a certain portion of their income after graduation to keep the institution tuition free; and the creation of a student loan refinancing authority that would help borrowers refinance their student loans.