A little less than half of the undergraduates tossing their caps toward McKale Center rafters on Saturday are likely to face a challenge that may be more difficult than earning their degrees: paying off student loans.

If past trends hold, somewhere between 40 and 50 percent of undergraduates will graduate with debt this year. Last year, the number was 44.9 percent, down slightly from the previous year, according to the state universities' financial aid report.

Their average debt - just under $17,000. And perhaps surprisingly, residents tend to graduate deeper in the hole than nonresidents, even though resident tuition this year is only about 25 percent of nonresident tuition.

Last year, the average resident undergraduate debt was $17,231, while nonresidents in debt had to pay off an average of $15,389. But in January, officials warned those numbers might rise this year, as students utilized falling interest rates.

"This year, we're seeing an uptick (in debt). Undergraduates have been bumping into the loan limits," said John Nametz, director of financial aid.

Now, as some of those students graduate, they may be considering consolidating their loans so they can pay them back over a longer time frame, even if that means the overall cost of the loans rises, he said.

Government loans are paid back over 10 years, but consolidating those with other loans to lock in a low interest rate could mean a dramatic increase in the loan's price.

"Even if they knock a half a percentage point off the interest rate, they're probably going to be doubling the cost of the loan," he said.

Philosophy senior Michelle Eaton consolidated her loans, and once she graduates law school, she'll have to pay $117 per month for 15 years just to pay off her undergraduate education.

By the time she graduates law school, she's hoping her debt won't be much more than $100,000. She acknowledged some initial sticker shock, but thinks she's paying a reasonable price for her education.

Economics senior Pedram Mahdavi has a different perspective. He's taken out Stafford and Parent Plus loans, and pays $150 per month just on the Parent Plus.

"It will probably take me many, many years to pay them off," he said.

Mahdavi, who said he will probably go to graduate school for a master's degree in public policy, said the price he's paying is too steep.

"It just seems like if a person has to struggle so much and has to be so worried about their future ... who knows if they'll ever have enough money to pay this off," he said. "Everyone should have the right to an education."