It's easier to fall into student debt in Iowa
As a student in Iowa, you face drastically higher education related debt than the rest of the country. Consider the following:
| National average for education related debt: | $15,880 |
| Iowa State University average for education related debt: | $29,480 |
| University of Iowa average for education related debt: | $27,235 |
This is a significant difference. Warren Madden, vice president for business and finance at ISU, suggests that it could be caused by a simple economic distinction between families in rural settings and families in urban settings. Many students in Iowa come from farms where the main assets are land, not cash like most 9-5 workers.
According to Chris Lindstrom, higher education program director for the Public Interest Research Group, one consequence of this debt is that students in Iowa are opting out of lower paying public service jobs in favor of higher paying jobs that will pay off their debt faster.
Higher debt could also be caused by less financial and state aid or higher tuition and fees.
If I say: "Student" You think: "Wise and Obedient" If I add the word "Debt" after "Student," the topic and tone of this article completely changes.
Ah, how wise and obedient are the students that find themselves in debt? The answer is: "It depends." There are two possible reasons why a student is in debt:
A.) "Mommy" and "Daddy" gave little Jane the magic plastic to buy anything she likes. Score! It's Christmas. But unfortunately for "Mommy" and "Daddy," little Jane used the magic plastic a little bit more than "Mommy" and "Daddy" had originally hoped.
B.) Little girl Jane is attending school at one of the finest and most expensive universities in the country. However, unfortunate for little Jane, "Mommy" and "Daddy" can't afford it so she takes out a loan.
With situation A, Mommy and Daddy's little grasshopper Jane had fallen into what many residents in Iowa and across the nation face: credit card debt.
Although situation A is a popular and pricey trend among students, little grasshopper Jane's debt due to student loans is also a significant issue.