|
Updated: 7:36 PM Jun 16, 2008
Students Struggle to Pay Loans Back During Economy Slump
Some recent college graduates are facing massive amounts of student loan debt. With the rising prices in gas, food and tuition, many students and parents are finding themselves struggling to pay post graduation obligations.
Posted: 6:38 PM Jun 16, 2008Reporter: Rhiana Huckins Email Address: rhiana@wtvy.com |
|
0 Comments 
Higher education doesn't come cheap.
Rising tuition costs at colleges and universities are forcing many students and families to take out student loans.
"Powers higher than me are battling this situation. It has become a political time bomb; the cost of our education and our ballooning student loans. Politicians in congress are working on it,” Alex McMahan, asst. director of Financial Aid at T.U. said.
With a slumping economy, students are trying to work more and spend less so they can afford gas and pay their loan bill.
"I have to spend $300 to $400 dollars a month versus what I had to pay a couple months ago. So, it really kicks your butt. The difference is actually what you have to pay on a student loan," James Lindsey, a Troy Dothan senior said.
And, they have no choice. If one defaults on their student loans, they could face some serious consequences that could ruin their credit.
"There are many ramifications; they could have their wages garnished, they would lose their income tax return, their stimulus check," McMahan added.
For those who have graduated school and are having difficulties paying back student loans, you may want to contact your lender about a deferment plan. If that is not an option, you could contact the U.S. Department of Education to see if there is something they can do to help.
Financial aid advisors say that during deferment, it is best to pay the interest on the loan, so when it comes time to pay the full amount, it is not inflated.
 5-DAY |  TEMPS |  INTERACTIVE RADAR |
Thursday Chilly early!... Morning low 38... Sunshine through midday... Clouds returning late... Windy and ...More Details
 |
Get the ingredients you need to cook with Rach all week long. |
 | |
 |
Today's Hits, Classics & Soaps. Don't miss an episode. |
| |
 |
Full length exclusive concerts from hot artists. |
| |
 |
Fitness Tips Lose Weight, Get Fit with Michele |
| |
 |
Take a break! Classic Pacman, Frogger, Asteroids and more. |
| |
 |
FREE Listings Sell almost anything locally. |
| |
