Despite the efforts of Syracuse University officials, Pauline Yang still worries about student loans.

‘My parents are helping me a little with my loans, but I still feel like it’s going to take forever to pay back,’ said Yang, a junior history major.

Yang said the fear of paying back loans is influencing her decision to apply for graduate school and choose a profession.

Students, like Yang, are taking out more student loans than ever before, according to a recent report by the Federal Reserve Bank of New York.

The report indicated that Americans will have an outstanding student loan debt of more than $1 trillion by the end of the year. The overall student loan debt will exceed the overall credit card debt in the United States.

Like many college students in the United States, SU students have been borrowing more in recent years than they have in the past, said Kaye DeVesty, director of financial aid.

The amount of money in loans that students owe has increased during the past few years largely due to the increase in the maximum limit for the amount of federal loans students can take out, DeVesty said.

‘We know students do borrow to come here, and in some respects we expect them to borrow,’ she said. ‘But we expect them to borrow wisely and to really think before taking out large loans.’

In the current economy, SU’s financial aid department has seen increased concerns about students’ and parents’ ability to pay for tuition and financial aid, DeVesty said.

‘There has been so much going on. People are very worried about their financial situations and want to make sure they can afford to stay here,’ DeVesty said.

During the past few years, there has been an increase in financial aid appeals, as families of students find themselves in compromising economic situations, she said.

‘There has been a good number of students who have appealed their financial aid packages because their parents have lost jobs, or their financial circumstances just aren’t the same,’ DeVesty said. ‘We always encourage students to come see us so we can help them make the effort to finish their time at Syracuse University.’

Chancellor Nancy Cantor has made it a mission among SU officials to make every effort to make sure that committed students are able to study at SU, despite their financial situations, DeVesty said.

SU has worked to increase the amount of financial aid available to students and has increased the number of grants available to students as well. DeVesty said this is made possible through federal aid and grant allocations, funds created through student tuition and alumni donations.

Despite the difficult financial circumstances of students, DeVesty said she does not believe students are hesitating to attend SU because of financial worries.

‘We’re not really experiencing a decrease in attendance due to the economy. We have actually seen an increase in students in our past few freshman classes.’ she said. ‘I think that’s in some part due to our work in helping families to be sure that the aid they need will be there for them.’

Sean Zervoulias, a sophomore policy studies major, said although he will have student loans to pay back after he graduates, he has confidence his education at SU will leave him well prepared for the professional world.

‘I think that even though it’s expensive going to a school like SU is worth it because it’s a well-known school and has a good alumni base that will be helpful when I’m applying for jobs,’ Zervoulias said.

Zervoulias said he feels lucky that his parents are able to help him pay for his college tuition, but he is also relying on his own academic efforts to help ease the financial burden of his loans.

‘I have a solid GPA and I’m in a high-ranked program for my major,’ Zervoulias said. ‘I’m hoping that will help me get a good-paying job after graduation so that paying back my loans won’t be too detrimental.’

adhitzle@syr.edu

Published on October 30, 2011 at 12:00 pm

Contact Alexandra: adhitzle@syr.edu | @LexieHitzler