BURLINGTON, Vt. -
A new report finds that two-thirds of the national class of 2011 left school in loan debt.
A debt that has increased from the year before. The report by The Institute for College Access and Success says the average graduate owed $26,600.
That has college financial experts concerned.
"This is a crisis that needs to be addressed. We can't saddle the next generation with so much debt in order to get the education and training they need so that we can have a skilled workforce in our state," says Don Vickers, VSAC president.
Vickers say he is seeing a concerning trend: students who at first chose less expensive schools, are now going part-time. He worries if nothing is done about tuition costs, some students won't be able to go to college at all.
When Kyle Kulp leaves UVM, he says he'll have racked up $100,000 in college loan debt.
"That basically means I'm a debt slave for the next five to ten years unless I handle things really, really well or get lucky and get a well paying job," says Kulp.
For many students, they are looking for not just more money in loans but more types of loans.
"We're seeing a lot of students maxing out their eligibility on federal loans," says Vickers.
Vickers say that means more students and parents are finding other ways to pay for school, including basically private loans. He says students should consider going to a less expensive school.
"The family needs to sit down before they start looking at colleges and figure out what the family can contribute. How much debt the family is willing to take and how much debt the student is willing to take," says Vickers.
Vickers blames the rise in loans on increasing college costs and no increase in financial help. He and some students think the State of Vermont should do more to help students.
"There are basic things that people should have and especially in other countries, people have the basic right to an education," says Emily Reynolds, UVM student.
Here's some advice from VSAC for those looking for or with a college loan.
1. Shop around for the best loan.
2. Take out the least you need.
3. When you graduate, if you end up not being able to pay your loan, contact your lender. They might be able to help you out, including a grace period for re-payment.
