Student Loans

By: Michael Wooten Email
By: Michael Wooten Email

Winter break is over and college students are preparing to hit the books. Sunday was a dreary day to move back into the dorms, but students are making the most of it, and they're excited about some promising news!

Arianna Price and her family drove six hours from Berkley County to move back into Marshall. It was a soggy start to the spring semester.

“Not very good to move in your stuff when it's raining, because it all gets wet,” said Price.

And the day hits hard on the pocketbook. Most wait until now to buy books, get supplies and pay for groceries and Arianna's three scholarships weren't enough to pay the bills.

“I still had to take out two student loans to make it through,” said Price.

Students spend a lot of time on campus, because the cost of college is rising faster than ever before. In fact, after just four years, the average undergraduate owes more than $20,000 dollars in student loans.

But the Price family and others are arriving to some promising news. This week, Democrats in Congress plan to pass a bill to make college cheaper!

Here's how you calculate the cost. Take the average debt and add in the current interest rate over 10 years. The average payment is about $240 dollars a month. But if Congress cuts the rate in half, the monthly payment drops to just more than $200 dollars. Over a decade, that's more than $4,000 dollars in savings!

After a long day of driving and moving, it's welcome news to Arianna's mother.

“We have a lot of really intelligent people that miss the opportunity because they simply can't afford it,” said Price.

And everyone hopes this move will help change that.

College debt is even higher for graduate students, so this interest rate cut could save them up, on average, around $10,000 dollars.

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