DURHAM—More
than 54 percent of all four-year public college graduates have too much
debt to manage as a starting teacher in New Hampshire, according to a
new report released today by the New Hampshire Public Interest Research
Group (NHPIRG). NHPIRG’s report, "Paying Back, Not Giving Back: Student Debt's Negative Impact On Public Service Career Opportunities",
estimates the percentage of college graduates who would have
unmanageable debt it they decided to become a teacher or a social
worker in New Hampshire.
“Public
servants like teachers and social workers are vital to the success of
our communities,” said Erika Staaf of NHPIRG. “Unfortunately, high
student loan debt can prevent many students from embarking on these
critical yet low-paying careers.”
NHPIRG
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.
NHPIRG found that:
•
54% of public college and 67% of private college graduates in would
have unmanageable debt as a starting teacher in New Hampshire.
• Nationally, 37% of public and 55% of private college graduates would have unmanageable debt as starting social workers.
NHPIRG
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.
Mathew
Cookson, associate vice chancellor for the New Hampshire college
system, said “The University System of New Hampshire launched its
Affordable College Effort this year to help our neediest New Hampshire
students with the direct costs of college during their first year at
one of our institutions. This is a positive, but small step forward in
terms of addressing the affordability issue, and we hope that changes
being considered at the federal level are also directed at increasing
support for those who need it most.”
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 Scott Peach, a UNH PIRG student. “We
need states and the federal government to strengthen their investment
in higher education by increasing grant aid and making loans more
affordable.
