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ERIC Number: EJ993735
Record Type: Journal
Publication Date: 2012-Jun-27
Pages: N/A
Abstractor: ERIC
Reference Count: N/A
ISBN: N/A
ISSN: ISSN-0009-5982
Federal-Loan Changes May Curb Graduate Study
Patton, Stacey
Chronicle of Higher Education, Jun 2012
As the nation's student-loan debt surpasses the $1-trillion mark, alarming students, parents, and politicians, few are thinking about the effects it is having on people like Michael J. Trivette, a 28-year-old graduate student in higher education at the University of Georgia. Two-thirds of Ph.D. and other doctoral students and nearly three-quarters of master's students graduate with loan debt, according to the Council of Graduate Schools. On average, the cumulative debt of master's-degree students is over $50,000; for doctoral students, it is about $77,000. And now, the debt burden on graduates is set to grow, beginning July 1. After July 1, the in-school interest subsidy will be eliminated on new loans to graduate students. They will have to pay interest while enrolled--or let it build up, adding to their debt. The changes to graduate students' loan programs are the result of the debt-ceiling deal signed into law last summer. They are projected to save the federal government $21.6-billion over the next 10 years, money that will be put toward Pell Grants for financially needy undergraduates. This is the first time in the history of the federal student-loan program that an existing borrower benefit will be eliminated for a particular group of students, according to organizations that represent graduate and professional-school students. Graduate students are worried about what this will mean for their wallets and for their ability to finish their degrees. And some of their advocates say that enrollment and retention rates may drop.
Chronicle of Higher Education. 1255 23rd Street NW Suite 700, Washington, DC 20037. Tel: 800-728-2803; Tel: 202-466-1000; Fax: 202-452-1033; e-mail: circulation@chronicle.com; Web site: http://chronicle.com
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: Georgia
Identifiers - Laws, Policies, & Programs: Pell Grant Program