More than 60 percent of University of Delaware students graduate with federal loan debt

In 2012, student loans surpassed auto loans and credit cards to become the second largest form of debt in America, behind only mortgages

For thousands of Delaware high school seniors, Friday is “Decision Day,” when most must pay an enrollment deposit at the college or university they will attend this fall.

That modest outlay will be dwarfed by the cost of the education each of them seeks. Students who fail to consider how they’ll pay for their degree could find themselves in financial quicksand for decades.

“It’s scary,” said George Thuku, an Appoquinimink High School senior who expects to spend $60,000 to $70,000 on his college education at least half of which he’ll fund through federal and private loans.

“It’ll probably take me 20 to 30 years to pay it all off,” the aspiring finance major said. “I don’t think it’s worth it, but I do think it’s necessary, because you have to do it (to pay for college).”

One in nine Delawareans is carrying some form of student debt, according to data released by the White House last month. Read more