Penn State ranks third in student debt among non-profit universities surveyed in a recent government study — but university officials said they are taking every step possible to curb students’ debt.
The survey, conducted by the United States Department of Education, ranked Penn State third in total student debt for non-profit universities, though Penn State was ranked much lower –No. 1,849 — in debt per student.
Though Penn State has the highest total student debt in the Big Ten, it has the lowest median student debt in the conference, according to the survey.
Regardless of the rankings, Penn State officials said they are working to help students financially and to prepare for them for the future careers that will help students pay off their college debt.
In terms of financial aid, Executive Director of Student Aid Melissa Kunes said Penn State offers four types of student aid: grants, scholarships, work-study, and loans.
Grants are aimed at helping low-income families pay for college, Kunes said, while scholarships are awarded both on a need and merit basis.
Kunes said Penn State awarded $70 million in scholarships for the 2008-2009 academic year to both undergraduates and graduates.Work-study programs — another form of financial aid — are “opportunities for students to find an on-campus job that is paid primarily by the federal government,” she said.
In total, Penn State students are awarded $1 billion annually — but some of that money comes in the form of loans, Kunes said.
And those loans can contribute to a student’s debt load after graduation.
Jack Rayman, director of Penn State Career Services, said finding employment after graduation can be just as important as financial aid in reducing the impact of student debt.
“Most students see higher education as preparation for careers and judge the success of the program by if they garner well paying jobs,” Rayman said.
To help students find those jobs, Career Services has several programs in place: on-campus job interviews, career counseling and planning and career fairs.