College debt major concern for graduates

TERRE HAUTE, Ind. (WTHI) - Becky Phillips doesn't know how she's going to pay off her student loan. She said it's something she thinks about a lot.

“It’s really stressful. I just feel like I need to get a job as soon as possible to start paying that off. It’s overwhelming,” said Becky.    

Becky isn't alone.

One of the first things students think of when choosing a college: cost.

According to a national report, students are coming out with about 5 percent more student loan debt this year than last year.

Increased cost of higher education combined with other economic challenges contribute to this increase.

Indiana State University's Tara Singer said it's important to remember the best defense is a strong offense. 

“But just choose wisely when you’re making your decision about the type of college you study and perhaps the fields in which you happen to study during the course of time,” said Tara Singer, Assistant Vice President of Communication and Marketing.   

Rose-Hulman's director of career services Kevin Hewerdine said times are different now than they were 10 years ago.

“Students don’t have the luxury of taking a year or two to really find out what they want to do. And because there is always that cost associated with that,” said Hewerdine.    

Both Singer and Hewerdine agree that absolutely everyone should go to college.

They say statistically, it shows college graduates earn more in the long run than those who aren't.

This is the reason why Becky is willing to take that financial risk.

For more information on how you can get the most from your students loans, head to this website .