The High Price of Higher Education

Reporter Alinne Gonzalez recently looked at the financial burden that many students of color take on when they seek a college degree. An extensive piece for Boyle Heights Beat examines the issue through the eyes of students and graduates from the Los Angeles neighborhood.

One such student is Yesenia Guerrero, who is just starting college and is looking at a likely debt of $120,000 over the course of her career at New York University.

Gonzalez writes:

NYU’s current tuition and estimated living expenses add up to more than $70,000 per year, similar to many private universities. Guerrero has received $36,000 worth of scholarships a year from the university, leaving the family $34,000 to pay each year. With a family income of $50,000, her parents can afford to pay $16,000 this year, but have not committed to the following years.

Guerrero will take out the remaining $18,000 in federal and bank loans to finance her first year. With federal subsidized loans, interest does not accumulate while the student is in school; interest on federal unsubsidized loans does. The terms of private student loans from banks vary depending on the bank.

Guerrero believes it’s worth it. “It would be better if it were cheaper, but it’s for education,” says Guerrero. “Plus, engineering is a good job, so I will be able to pay the loans back fast.”

Gonzalez examines Guerrero’s situation in depth and cover more options in “The Financial Burden of a College Degree” at Boyle Heights Beat.

Boyle Heights Beat is a bilingual community newspaper produced by its youth and a sister website with stories also produced by community members “por y para la comunidad.”