The debt of Arizona college students is staggering, rising by 26% in five years

The debt of Arizona college students is staggering, rising by 26% in five years. "Alberta Times" recently released a study showing that the average undergraduate student at an Alberta university leaves school with...

The debt of Arizona college students is staggering, rising by 26% in five years. "Alberta Times" A study released recently showed that the average undergraduate student at an Alberta university left school with a tuition loan debt of $22,178, an increase of 26% from five years ago, while the average graduate student graduated with a tuition debt of $47,803, an increase of 40% from 2007. The above figures do not include the financial support students receive from parents, relatives and friends. Although student loan debt at Arizona's three state universities is below the national average, education and financial experts say growing debt will force many college students into the dilemma of repaying loans as soon as they graduate. Coupled with the economic downturn and weak job market, many people are complaining. The New York Times reported that two-thirds of American college students who received a bachelor's degree borrowed money to pay for higher education. By comparison, in 1993 this proportion was only 45%. The survey found that the average debt of American college graduates in 2011 was US$23,800, of which 10% had debts of more than US$54,000, and 3% of college graduates had debts of more than US$100,000. Currently, the total amount of college loan debt has exceeded US$1 trillion, exceeding the total amount of credit card debt and becoming the largest debt burden in the United States. In-state, since 2007, tuition has increased by 96% at ASU, 99% at UA, and 92% for new undergraduate students at NAU. Not long ago, three state universities suspended tuition increases for the next four years after lawmakers, parents and students reached an agreement with the state university governing board. This is the first time in 20 years that the state has frozen tuition increases. Arizona's state university system has always attracted many students with low tuition fees. According to 2011 data from the College Board, state college students owe $21,158 in debt, which is relatively lower than the national average of $23,800. Fifty-seven percent of undergraduate students at public universities nationwide have debt, and 54% in Arizona. According to U.S. law, green card holders and citizens can apply for student loans from the federal government when going to college. The annual interest rate is only 3.4%. However, the limit for a four-year undergraduate degree is US$23,000, which is only equivalent to 1/6 of the total tuition. Many students have to resort to high-interest commercial education loans. This year, Congress spent about $6 billion to extend low-interest student loans. The two parties in Congress fought until the last minute on June 29 to win the victory. The Obama administration requires local governments to spend more on education and threatens to cut federal funding for local education. This is one of the fiscal cliff issues that the two parties in Congress are arguing about day and night. In Arizona, once the two parties in Congress collapse, the state government will lose $4.28 million in annual federal funding. The State College Board declared that the only way to relieve the financial difficulties would be to overturn the above-mentioned freeze on tuition increases and raise tuition by 50%.