The goal of a debt-free college education

Back in the last century, when I and many of us attended college, we remember that paying for a public university education was possible by modest family contributions and the savings from summer employment. Today, we hear that this is no longer the case and a student loan is often the only option. Or is it?

We all probably know of a friend or family member who borrowed $45,000 to attend a for-profit college, private university or even a state public university and who unfortunately did not graduate. The student is now straddled with this debt and no full-time job, and might be living with parents while trying to make loan payments.

This young person isn't alone, as 40 million students currently owe nearly $1.2 trillion in student loan debt. And according to a recent Wall Street Journal article, the Class of 2015 is the most indebted ever, with an average graduate owing $35,000 in student loans.

While these loans are students' responsibilities, they aren't always the students' fault. According to John Wasik, a Lake County resident and award-winning author of 15 books on finance, “40 million Americans carrying student debt had little or no idea of how to avoid taking on loans.” This is one reason why a disproportionately small number of Americans represent nearly half of all student debt.

Wasik, who has studied this topic intensively, adds that these desperate students are often “being swindled by student loan relief services online who charge hundreds of dollars for loan consolidation and repayment plans that the U.S. Department of Education offers for free.”

At College of Lake County, we believe that all students and their families deserve to know how best to make college, not just affordable, but even debt free. Wasik will speak on the subject tonight at 7 p.m. at CLC's Lakeshore Campus in Waukegan and on Monday at 7 p.m. at our Grayslake Campus. Each event will include an opportunity to ask questions and learn more about an affordable education at CLC.

The student loan crisis has also become a major political football. From President Obama's America's College Promise Act, which would provide “free” tuition and fees for qualified community college students, to presidential candidates offering their own solutions, there is much discussion and little agreement.

This issue and the tremendous debt at its root have the risk of discouraging qualified, ambitious people from considering college, including community college. If you know such a person, encourage him or her to visit Federal Student Aid at www.studentaid.ed.gov for plentiful information on the many ways to make college possible.

And keep in mind the affordable opportunities at community colleges. At the College of Lake County, our tuition and fees put the first two years of higher education within reach of the majority of Lake County students – without student loans. Still, with federal and state aid decreasing, the cost is still out of reach for many students. The average unmet need per student at CLC is $2,500 per year, causing most of our students to work part time or attend part-time and work full-time.

To help these students, the CLC Foundation has created a life-changing, debt-free scholarship fund that provides “full-ride” scholarships for tuition, fees and books to qualified students. Our foundation invites donors to create opportunities with these scholarships. If you or your business would like to help, please visit www.clcillinois.edu/foundation for more information.

These scholarships, with crucial community help, are one way CLC is providing a debt-free degree. Many more are detailed in the “Paying for College” section of our website.

Dr. Jerry Weber is president of the College of Lake County in Grayslake.