Students Take Out Numerous Loans for College

Shalida-Ann Dobbins, Assistant Features Editor

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With the price of tuition rising, many students are working extra jobs, and finding other ways to pay for school besides the traditional work-study that is considered financial
aid.

Paige Ullom, a first year nursing student, works two jobs to pay her tuition, one at the Robinson emergency room, and the other at the popular clothing store Plato’s Closet.

Aside from working multiple jobs, many students across the country are taking out loans, or having their parents do so. The difference between a loan and a grant or scholarship is that one must pay it back. However, not every student receives loans or enough loans to balance out his or her tuition.

According to Education Grant, four percent of students’ parents took out an average of $10,800 in Parent Plus loans, which was not always granted. The most common that most undergraduates will receive during their four years of college is the Pell Grant.

Even with the grants and scholarships, these extra financial supports do not always cover every expense. Often, taking a loan out becomes the only option.

According to finaid.org, the average student loan debt among graduating seniors was $23,186 for the 2007-2008 school year.

Qualifying for loans is not always guaranteed. Parents may, sometime, not have satisfying credit scores, while students may not even have credits. These situations lead to an impossible chance of attending college.

There is a possibility that more students will receive more financial help with the new education funds available for students. This will lead to students focusing more on school work than worrying about paying for their education. Tuition fees can definitely be stressful.

Wisebread.com advises the students on this trouble.

“Stop wrestling with yourself about paying off loans early (either decide to do it now and develop a payoff schedule or decide to pay the minimum only if your interest rate is
low).”

It is reported that more than 17 percent of students experience high stress because of the thought of having loan debt in the future.

Most loan companies are willing to work with the student, by putting them on a payment plan
suitable for their current lifestyle.

The national newspaper, USA Today, reported that loan debt is one of the many issues affecting the current generation. With tuition sky-rocketing, school became an impossible goal to reach for many young adults.

Student loan debts exceed credit card debts nowadays. By paying back loans monthly, the students should be able to control their debt, and not worsen their situation. In CBS News, students are advised to make a list of all of their loans and the deadlines to pay them back, and to arrange in paying them back. It is important to make payments on time because it can affect the students or their parents’ credit score.

In CBS News, it is stated that their situation can be a bit easier if students start to pay off their loans while in college.

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