College Insists Students Work Instead of Taking Out Loans

Not looking for graduates crushed under debt

One college is taking an unusual approach to the problem of mounting student debt: It's no longer accepting applicants who need to take out loans.

The College of the Ozarks, a private, evangelical Christian school in Missouri, may be the first institution of higher education to take the step, Reuters reports.

The reason for banning loans? "Debt is a big problem all over the country," Jerry Davis, president of the four-year school, told Reuters. "Kids nowadays are not very sophisticated with money."

But many would say the bigger problem is the surge in education costs, prompting families and students to borrow money for earning a college degree.

Comments

[Sevo]

If they don't take gov't loan money, does that mean they can shed a bunch of gov't regs?

[Audrey]

Well, on one hand it can be considered as a right decision because there are lots of students who can't attend college because they don't have enough money and take out student loans. Student loan debt is a big problem for the American economy, education is so unaffordable so people should get in debt to get a degree. On the other hand, it's very difficult to save enough money for college. Many young people live in families with low in middle income and their parents use instant loans till payday online to stay afloat, so they have no other way except of taking out a loan. Everybody has a right for higher education and it's sad that in case you have not enough cash or not ready to get in debt, them most likely that it will very hard for you to get a chance to attend college.