More than 108,000 students who had taken out federal loans withdrew from Georgia's public colleges and universities between 2013 and 2015, according to the most recent period measured in federal data. The problem is particularly acute for those seeking a bachelor's degree. Median federal loan debt for these Georgia students has more than doubled over the past decade at most four-year schools, ranging from more than $18,000 at Albany State University to $5,500 at the University of North Georgia.
Without a degree, those who left college often can’t get decent-paying jobs to make a dent in their loans, hurting their economic futures and the state’s.
State actions have contributed to growing financial pressures on students. Budget cuts during the recession caused per-student funding to plummet, so Georgia students and their families have faced rising tuition costs. The HOPE scholarship program covers less than it did six years ago, and fees — which can cost thousands of dollars a year — have increased. Regulations prohibit state colleges and universities from spending money from the Georgia budget on need-based financial aid, and schools have limited campus-based resources to help.
This has happened as Georgia officials are pushing to increase the number of young residents who have some kind of post-secondary education. They say that by 2025, more than 60 percent of Georgia jobs will require such credentials, and today only 45 percent of the state’s young adults have them. But experts say dramatic improvement is impossible unless the government does something to make college more affordable.
“That can be funding the institutions themselves; it also can be investing in financial aid,” said Debbie Cochrane, vice president of The Institute for College Access and Success. “Folks aren’t just asking for higher education to be supported because it’s a nice thing. We know that our society, our workforce, our health – our societal health – requires that we have an educated population.”
With the rise in college costs, and so many jobs in Georgia dependent on an educated workforce, the state is expecting to complete a study this year on college affordability and spending. That could be a step toward creating a needs-based aid program for poorer students to help meet goals to have more than 60 percent of Georgia residents with some level of higher education.
You can read the whole story in myAJC.com.
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