ANN
ARBOR-More than 17.7 percent of all four-year public college graduates
have too much debt to manage as a starting teacher in Michigan
according to a new report released today by the Public Interest
Research Group in Michigan. PIRGIM's report, "Paying Back, Not Giving Back: Student Debt's Negative Impact On Public Service Career Opportunities",
estimates the percentage of college graduates in Michigan who would
have unmanageable debt it they decided to become a teacher or a social
worker.
"Public
servants like teachers and social workers are vital to the success of
our communities," said David Pettit, spokesperson for PIRGIM. "Unfortunately, high student loan debt can prevent many students from
embarking on these critical, yet low-paying careers."
PIRGIM
examined the student debt of recent college graduates compared with
starting salaries for public service careers to determine the
percentages of teachers and social workers with unmanageable debt in
the state. "Unmanageable debt" was calculated using an economic formula
developed by two higher education economists to approximate the
salary-to-debt thresholds at which individuals are only able to repay
their loans with significant economic hardship.
PIRGIM found that:
- 17.7% of public college and 28.5% of private college graduates would have unmanageable debt as a starting teacher in Michigan.
-
Nationally, 37% of public and 55% of private college graduates would have unmanageable debt as starting social workers.
PIRGIM
released this report today as part of a nationwide effort to draw
attention to the issue of undergraduate student loan debt. More than 20
state PIRGs released this report.
"The
government and schools should provide students with the opportunity to
pursue their interests and apply their skills even in fields that have
low salaries," said Pettit. "Making students increasingly reliant on
larger and larger student loans to pay for college stops some students
from pursuing their dreams."
This
report comes on the heels of the largest cut to student aid programs in
history. In February, Congress passed a $12 billion cut to the student
loan programs, with the cut coming mostly at the expense of students
and parents.
"This
report shows the risk of pushing the cost of college onto the backs of
students and parents," explained Shari Pomerantz of Students for
PIRGIM. "We need states and the federal government to strengthen their
investment in higher education by increasing grant aid and making loans
more affordable."
