How Is Your Graduate Planning on Paying for College?

When the Class of 2012 graduates from Columbia High School next month, the vast majority will pursue college degrees. Most will take out loans to cover the costs. But a New York Times special report cautioned that student debt is a rapidly growing problem with no end in sight.

“We just finished reviewing applications and were all commenting on the remarkable amount of loans taken by the students,” said Joan Lee, a member of the Columba High School Scholarship Fund, which provides financial assistance to Columbia High School seniors and graduates.

“You wonder how they will ever dig out from under,” she said.

How did we get to this trillion-dollar point? Andrew W. Lehren, a South Orange resident and New York Times reporter, investigated how borrowing so much has become the norm. The series -- Degrees in Debt, with colleague Andrew Martin – explored the implications of soaring college costs and the indebtedness of students and their families.

“Now nearly everyone pursuing a bachelor’s degree is borrowing. As prices soar, a college degree statistically remains a good lifetime investment, but it often comes with an unprecedented financial burden,” the reporters said.

According to the story, for all borrowers, the average debt in 2011 was $23,300, with 10 percent owing more than $54,000 and 3 percent more than $100,000, according to data from the Federal Reserve Bank of New York.

The Columbia High School Scholarship Fund committee recently completed their work to provide financial assistant to this year’s graduates, going through a record number of applications. More than the $78,000 was awarded last year.

Columbia High School's 125^th commencement ceremony will be June 20 at 5 p.m. at Essex County College in Newark. How is your graduate planning on paying for college? Tell us in comments.

ProPublica offers a round-up of the best (depressing) journalism on student debt. Happy Graduation.