Rise in Student Loan Delinquencies Pushes Colleges to Act
Rise in Student Loan Delinquencies Pushes Colleges to Act
College education is a privilege only a few can obtain, and for people like Mercadi Crawford who is only raised by a single parent, getting the money to go to a university would require student loaning. Ms. Crawford is the only person in her family who graduated from high school, and is also the only one in her family to go to college.
She admits she had no idea about the complications of student loaning when she first applied to go to the Texas Southern University. But if there was one thing she did know, it is that she would need to get a loan in order to afford her tuition in college.
But unlike other students like her, she first sought to understand the terms and conditions she would be subjected to when she applies for student loaning. She applied for the school’s financial literacy lessons and she kept her loans low at $10,000.
She says that knowing the money would come with a price, she tried not to borrow much more than she needed. Texas State University is one of the few colleges that offer this kind of program to educate students about the risks and consequences of student loaning.
Some of the topics that are included in the curriculum are Budgeting and Building Credit as a College Student and Managing Your Student Loan. Rice University offers online courses in budgeting, financial planning and student loan payment.
There are also courses that teach freshmen college students how to deal with bad credit and some schools are even hiring personnel to aid students in speeding up their loan payments.
Student loan debt has succeeded the amount of debt people have in their credit cards. In fact, two thirds of seniors in universities have left their colleges with a debt of $25,250 this is five percent more than 2009 according to Project Student Debt.
The unemployment rate for that year has also increased by 9.1 percent, higher than it ever was. DelisaFalks, the executive director of scholarships and financial aids in Texas A and M University says that students ought to be taught how to loan wisely.
In their program, the students are required to fill up an online calculator that estimates their monthly payments for the future.
These safety precautions that colleges are taking are very much necessary to save the nation and its citizens from slipping further into the havoc of debt.
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Filed under: Loans • loans for people with bad credit • Personal Finance • personal loans • Student Loans
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