For many of us at Los Medanos College we are feeling the financial strain, even before graduation. Students at LMC, who plan to transfer to a four-year university is often seen as a pathway to a better future.
However, this journey is frequently weighed down by the burden of student loan debt as the U.S. student loan debt crisis continues to escalate. At LMC, where many students are first-generation college-goers, the hope is that education will lead to a brighter future.
But for many, the weight of student debt overshadows academic achievements, leading to stress, anxiety, and depression. For some, taking out student loans is the only way to afford college. But paying back those loans can feel overwhelming after they graduate.
Student debt isn’t just about money it affects the jobs we take, our personal lives, and our mental health. For some students here, taking out loans isn’t just a choice, it’s a necessity to pursue education.
According to recent conversations with my peers, some are already worried about their financial status before finishing their degrees, knowing the job market may not guarantee stability. This adds a layer of stress that affects academic performance and mental health.
That’s why we need better solutions that don’t just offer a one-time fix but also focus on lowering tuition costs and making more grants available so that education is affordable for everyone.
Based on the statistics of Student Loan Planner, “Borrowers in the US owe $1.727 trillion for student loan debt as of mid-2023 to 2024.”
For many LMC students who plan to transfer, this means adding more debt to what they’ve already accumulated at community college. And that’s not even including graduate school, for those who plan on attending.
“The average cost for graduate federal loan borrowers is around $37,056,” Student Loan Planner said.
This financial strain doesn’t disappear after the transfer. Many students face even higher costs at four-year institutions, which could mean taking out additional loans. This heavy debt load has a profound impact that delays life decisions such as buying a home or starting a family.
At LMC, many students are first-generation college-goers, hoping that higher education will lead to a better future. However, the burden of student loan debt can weigh heavily, affecting their mental health and well-being.
A study shared by the American Psychological Association states “over 60% of student loan borrowers report that their debt negatively impacts their mental health.”
For transfer students, the financial challenges can be tougher because they have to pay higher tuition fees at four-year colleges.
This has become a significant issue for many students and graduates, as mental health challenges stemming from financial pressure can affect their well-being.
As we move forward in our education journey, transfer students must consider how they will manage growing debt, by taking full advantage of financial relief programs, seeking out scholarships, grants, and repayment options to reduce the long-term financial burden.
Many students at LMC face a lot of stress about paying for college, especially when transferring to a four-year school. Even though student loan forgiveness can help, it doesn’t fix the bigger problem of high tuition fees.
To truly make things better, we need to reduce tuition, provide more financial help, and change the education system so that everyone can afford college without going into so much debt.
