Many college students are faced with the financial burden of student-loan debts after graduating from college.
Steadily climbing college costs, financial aid cutbacks and an unstable economy are also throwing students into financial difficulties, according to a survey released by the National Association of Consumer Bankruptcy Attorneys. Those changes are the reasons that student-loan debt has been increasing in recent years.
Financial Advising, Counseling and Educational Services (FACES), is a free service available on campus for Cal State Long Beach students who need counseling or simply want information regarding personal finances.
“We help students, not knowing where their money is going and spending without a budget, come up with a plan to pay off debts and finding sources of income while in school,” Dilani Silva, FACES counseling supervisor, said via email.
At CSULB, 38 percent of 2010 graduates had an average debt of $10,787, according to the U.S. News and World Report’s 2012 edition of “America’s Best Colleges Guide.”
“I go over the numbers — income, expenses and debts — and talk about their options,” Silva said. “We can help them revise their budget, set financial goals, make an action plan to achieve those goals, refer them to free financial literacy education classes, etc.”
At CSULB, 65.6 percent of full-time undergraduates receive some kind of need-based financial aid in the form of scholarship, grant award or need-based loans, according to the U.S. News and World Report. Among those whose need was met, 52.2 percent received scholarship or grant aid of $5,444 in average, and 57.4 percent received student loans.
According to Silva, there were only six CSULB students during the fall 2010 semester and 19 students in 2011 who applied for the counseling.
“I’ve been receiving loans every year and keeping two jobs on campus to pay for my tuition … I recently applied for grants and scholarships,” said Melissa Campbell, a junior biology major. “I am not aware of financial assistance provided on campus, but I’m willing to get assistance to see if there are any other options that fit my circumstances.”