Debt levels for graduating seniors at public universities have more than doubled since 1993, according to a report from The Project on Student Debt.

The report stated the average student at a public university graduates with $17,250 in loan debt.

Mary Mowdy, executive director of the Oklahoma Guaranteed Student Loan Program, a division of the Oklahoma State Regents for Higher Education, said many students are turning to private loan programs when government aid is not enough.

Mowdy said private lenders are facing their own crisis with the current market, and fewer companies are willing to take on the risk of lending to students, some of whom may not be able to make payments.

“I think that a lot of people are very hopeful that the market will eventually self correct,” Mowdy said. “That doesn’t do away with the issue of students having to borrow more and more money to get any kind of secondary education.”

A national student initiative against debt is trying to educate students about education affordability.

Campus Progress, a Web publication for young people that is part of the Center for American Progress, started its Debt Hits Hard campaign in 2005, which uses online and on-campus tools to get students involved in the campaign.

Pedro de la Torre III, a Campus Progress organizer, said the main focus is getting students to voice concerns to their legislators about higher education.

“People are taking on more and more debt, and we wanted to do our part to make sure students are heard,” de la Torre said.

He said students should contact their legislators now as Congress makes decisions about higher education bills.

The College Opportunity and Affordability Act, which would amend and extend the Higher Education Act of 1965, passed the House of Representatives in February and is waiting on a Senate vote.

If the bill passes, it will enable several measures to make funds more accessible to students, including providing Federal pell grants throughout the year, expanding loan forgiveness programs and encouraging states and schools to control tuition costs and invest in higher education, according to the bill.

De la Torre said the bill is encouraging and shows Congress is taking the first steps to deal with this issue.

The bill would also simplify the Free Application for Federal Student Aid, a form that students submit to determine whether or not they are eligible for government financial aid.

Mowdy said government funding, like what the Oklahoma Guaranteed Student Loan program provides, can only do so much. The program is guaranteed by the federal government, which eliminates some of the risk for lenders, making them more likely to offer student loans.

“That is the beauty of this program, because a lot of students have no credit, or maybe it isn’t the greatest,” Mowdy said. “We don’t want to keep that student from getting his or her educational goals.”

But the fund is not large enough to cover many students’ financial needs. She said an undergraduate freshman can borrow only $3,500 in a year, which would cover about half the cost of tuition for an in-state OU student taking 30 hours.

John James, African American studies junior, said he joined the National Guard as a junior in high school to help pay for college. He said he receives up to $4,500 a year in tuition assistance, as provided for by the GI Bill to bring college education to those serving in the military.

OU President David L. Boren addressed the issue with a fundraising campaign last fall to provide students with more scholarship opportunities.

The campaign’s $100 million goal was to provide for nearly double the amount of scholarships offered to students since 2004. More than 11,500 students should receive assistance from the funding, according to a press release from OU Public Affairs.

Mowdy said she still thinks college expenses are worth the return when investing in education.

“You pay more than that for a new car, and you only have five years to repay it,” Mowdy said. “A college education, on the other hand, gives the individual the opportunity to have earnings that far exceed that of a high school graduate.”

She said while she thinks the nation is still far from the breaking point for lenders and borrowers, it must act to keep student debt under control.