Shortly after finishing several years of college and receiving that hard-earned diploma, a bill arrives. It's time to start putting your college education to work by forking over the cash to pay back your student loans. On Thursday, Oct. 5, students had a chance to testify about the hardships of student debt in front of officials from the United States Department of Education.
The Department of Education was represented by a panel in response to a report given by the commission on the future of higher education. The department's secretary, Margaret Spelling, formed the commission to develop a strategy to address the nation's postsecondary education needs. The field hearing entitled "Negotiated Rulemaking Process," was held from 9 a.m. to 4 p.m. in Rubloff Auditorium at 25 E. Pearson on Loyola's Water Tower campus.
Financial aid administrators, lenders, students, student advocates and representatives from both private and public colleges attended the event to testify about student loan issues. In addition to the Chicago events, similar hearings will occur or have already occurred in Berkeley, Cal; Orlando, Fla; and Washington, D.C.
"Our goal is to have student input," University of Illinois-Chicago student Trevor Montgomery said. "We want to raise the student debt issue by giving personal stories of how this is affecting lives."
Montgomery helped to organize the student representation at the event, as president of the Student Lobbying Association at UIC and a senior facing $15,000 in loan debt. He wanted to show the Department of Education officials that students do know and care about what is happening with student loans on the federal level. The United States Student Association or USSA also worked to bring students from the Midwest area to Chicago to testify.
"Four hundred thousand people turn away from higher education every year because of the cost," USSA representative Jessica Pierce said.
The USSA and students providing testimony urged the panel to consider a five-point plan. This plan was developed by students and members of the lending industry in a unique coalition. The plan addresses limiting student loan repayment based on income, taking family size into account in loan repayment plans, canceling student debt after 20 years of good faith payment, suspending interest on loans during times of economic hardship and simplifying the process to apply for the economic hardship program.
Though not many students were aware of the Department of Education's presence on Water Tower campus that day, Loyola was represented by two members of the United Student Government.
USG president, senior Atheni Asihel, and college of arts and sciences representative, junior Grace Serino, were among the nearly twenty students who testifed before the department officials.
Seino and Asihel told their own personal stories and encouraged the panel to adopt the five-point plan to help students manage their debt after graduation.
"We wanted to try to show the Department of Education the student side of the issue to make them understand what a huge problem student debt is," biology major Serino said.
Serino plans to attend medical school after she graduates from Loyola. She will have to take out even more loans to pay for her continuing education adding to the $40,000 she has already borrowed to pay for her undergraduate degree.
The theme for students at the event was S.O.S., or Save Our Students. A group of enthusiastic students from Minnesota, Illinois, Wisconsin and Missouri posed for pictures before the press conference, advocating that paying back student loan debt is no day at the beach. The students sported the USSA's bright red shirts that proclaimed, "I'm drowning in student debt!" and urged the Department of Education to "Save Me Now!" The group signed inflatable beach toys and floatation devices that will travel across the country with the USSA representatives.
According to Chris Lindstrom, who is part of the Student Public Interest Research Group Higher Education Project, ultimately the findings from these hearings will be reported back to the Department of Education. The panel will make a recommendation about whether or not another committee will be formed to analyze student loan issues and recommend an internal solution to the department. The USSA hopes that the department will adopt the proposed five point plan to ease the burden of student loan debt.
"Students need to afford loans now more than ever," Montgomery said. "[Department of Education] needs to increase grant aid, make loans more affordable and they need to recognize that higher education is a right that everyone should have."
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