Gov. Jim Doyle announced Monday he intends to prevent UW System tuition from increasing faster than the rate of inflation if he is re-elected governor Nov. 7, a goal many students may welcome, as UW System undergraduates' average debt rises every year.
In 1995, an undergraduate at UW-Madison graduated with an average debt of just over $12,000. Now, 10 years later, that amount has increased by approximately $6,000.
The average undergraduate debt for 2005 UW System graduates was $18,378, and students can only expect it to rise, according to Susan Fischer, director of the Office of Student Financial Services.
""In part, it's the cost of education has gone up, in part people are borrowing more...and in part, it's because they can borrow more,"" Fischer said.
The option of taking out an unsubsidized Stafford Loan is a large contributor to the rise in undergraduate debt, according to Fischer. When Congress opened the gate to unsubsidized loans in 1992, Fischer noted, ""We saw a doubling of borrowing.""
Fischer also noted that many students feel the need to have the same type of lifestyle they were used to at home. She said they do not realize in college they have to live differently, usually without many of the conveniences they were used to having. The idea of living cheap in college to prevent large amounts of debt later is not a popular idea anymore, as many students continue to spend money on things they might not really need.
""It's the little things that add up,"" UW-Madison senior Crissy Buhr said. ""Coffee, magazines, desserts...all of the extra things that you don't really think about.""
But Buhr was quick to add that ""if having a cup of coffee while studying makes the experience more enjoyable, then go for it.""
Living a less-than-frugal lifestyle is not the only cause of the increase in undergraduate debt. A large factor that makes a significant dent in the bank is the increase in tuition.
""I don't think there's any question that students are facing a real challenge in terms of the tuition has increased over the last several years,"" UW System Regent Charles Pruitt said. ""We have to invest more in financial aid programs at both the state and federal level.""
Loans, according to some students, are necessary to be able to attend college.
""If it weren't for loans, paying for college would be impossible,"" UW-Madison freshman Samantha Banniser said.
Fischer said she expects the average undergraduate debt for 2006 UW System graduates to be announced this month.
