This year the price of college reached a record high. According to figures from an annual College Board report, the average cost of per year of tuition is up more 8.3 percent for public 4 year colleges and up 4.5 percent for private schools. The average college student now finishes school with between $22,000 and $28,000 of debt. In total, Americans currently owe nearly a trillion dollars in student loans – that's more than they owe on credit cards. President Obama addressed the issue of student debt in a speech in Denver on Wednesday, announcing a new program to lower monthly student loan payments. One student saddled with debt is Chris Galloway. He graduated in Stony Brook University in 2008 with $14,000 in loans and he can't afford to pay them. He asks Ron Lieber, personal finance reporter for The New York Times, for some advice.
Will you support The World?
There is no paywall on the story you just read because a community of dedicated listeners and readers have contributed to keep the global news you rely on free and accessible for all. Will you join the 314 donors who’ve stepped up to support The World? From now until Dec. 31, your gift will help us unlock a $67,000 match. Donate today to double your impact and keep The World free and accessible.