As most high school seniors know, the cost of going to an expensive university to party and slack off  may result in student loans.

According to the American Student Assistance, a non-profit organization, over 60% of college students in 2011 had student loan debt. Many financial companies and organizations have started to cut back on student loan lending. J P Morgan, a prominent bank, has declared that starting in October, they will no longer be lending out student loans, and U.S Bancorp  stopped lending money Last year. Banks are hesitant to lend due to the declining number of students going to college along with the more than trillion dollars of U.S student loan debt, $150 billion of this debt coming from private student loans. Student loans may not be a problem for some McIntosh students, but for others student loans can be the difference between going and not going to a university. So before you jump right into applying for 10+ colleges because your parents are pushing you to, maybe you’d want to consider working part-time at your local Dairy Queen for a year to earn a couple bucks before heading off into a money-draining university.