Among the other statistics in the article, The Chronicle of Higher Education notes that graduate students in master's programs in particular are relying more on student loans to finance their education.
It is a problem that is likely to grow with budget cuts, especially for us in the humanities. As a soon-to-be second year MA student, by the this time next year I will owe the government nearly $30,000 in student loans. And if I am unable to secure funding for the year after next through either a fellowship or as a TA or PA, that number will grow. Especially the Wisconsin state government is has slashed $125 million in funding from the UW system and has raised tuition 5.5% this upcoming school year alone, with other rises in tuition in the coming years likely.
I am not alone. Of the other people I know who are in school for graduate degrees, many of them have had to take out some sort of student loan to pay for tuition or to make ends meet financially. Luckily, I was able to avoid taking out any student loans while I was an undergrad, and have avoided the situation of two of my friends who both owe over $100,000 in loans. Most of those come from unsubsidized loans, which accrue interest even when you are in school.
More than the weak housing market, the national debt ceiling, or credit card debt, student loans are the elephant in the room that could easily ruin the economic future for my generation. Thankfully I own a tent and a hiking backpack, so I am at least prepared for life in the Hoovervilles.
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