“Students face harsh realities of student loan debt after college” |
| Students face harsh realities of student loan debt after college Posted: 15 Sep 2010 08:04 AM PDT CANTON, Mo. (WGEM) -- New numbers out tonight show college students nationwide are overwhelmed with debt. In fact, according to financial experts, college student debt is now higher than consumer credit card debt. At Culver Stockton College 98 percent of students are on some form of financial aid, and most of the student body is on some type federal loan. But, according to the financial aid office, these days, those numbers aren't uncommon. Aden Eilts, like the many students in this tough economy, has taken out loans to help pay for his education. Eilts estimates he'll owe about 20 thousand dollars come graduation. "It's kind of surprising to think about it but I have a good solid plan to end up paying it off," said Aden, a sophomore at Culver-Stockton College. Part of Aden's plan is working a campus job now, so he can save up money for later. "It helps me get money for books, I also have a couple of activities that I do in Quincy so it helps me to drive back and fourth and it helps me pay for food and other general needs I have," said Aden. Financial aid officials say living like a student is key, and they say to be diligent about only taking exactly what they need in loans. "I have a lot of students come by and say 'oh I wish I hadn't borrowed extra money for books, I bought a computer, I bought lunch for my friends we went out to eat' and they're living now like a student when they graduate and they didn't necessarily live like a student should when they're in college," said Patti Foust, with Culver Stockton financial aid. Foust says often students don't even know how much they owe, but understanding the terms of the loan and the repayment plan is the best way to not fall into debt. "I go over with the students how many loans they have, how much they're loaned, the different types of loans they have, who their lenders are, how to contact them, if they have consolidation, what types of repayment options are available to them," said Foust. Experts say their best advice is to plan ahead and know your options. One important from the financial aid office is that many employers will actually offer incentive options for repaying college loans, so its important to check with your employer if that's available. Also, there are certain fields, like education or public service, where the government will forgive a portion of the amount you owe. Financial aid officers recommend visiting http://www.finaid.org/ for more information This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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