Professionals, students share opinions on student debt | News

From taking out student loans to not living within their means, a number of college students face college debts at some point in their four years and after.

James Zugg, the graduate student assistant at Red to Black, said he believes 75 to 80 percent of students have problems with their debts. Red to Black is a student-staffed program that helps other students develop knowledge related to their finances.

“We work with a lot of students who don’t know how to budget for money and who get a credit card and use their credit cards to the full and have no way of paying them off,” said Zugg. “I would say someone else is taking out more student loans than the students actually need, definitely causing a lot of stress and can affect their lives later on.”

Zugg said he also works for a credit union and has helped people with their student loans.

“When one of the couples walked in they had just paid off their house and her husband didn’t know she had taken out a student loan,” said Zugg. “They had to take out another mortgage to pay off their student loans after they had just paid off their home (because) their student loans were due and they had to pay them off.”

Dayton Ahlsted-Barnes, an Abilene sophomore agronomist student, said students get into debt in many ways, including getting credit cards and paying a snowball.

Debt can create a variety of problems for students, Ahlsted-Barnes said.

“I think there are problems students face when it comes to debt,” said Ahlsted-Barnes. “It can keep you from getting further your education, shedding your credit score, and stressing the student out because the debt won’t just go away.”

Tech, along with other outside sources like Dave Ramsey, can help students with their debts, Ahlsted-Barnes said. Tech offers scholarships, loans, and grants for students.

“Red to Black is a great source. We’re helping students budget better and learn to manage their money better, ”said Zugg. “The Financial Aid Office is another great resource. Definitely look for as much free money as you can. There are many great opportunities at Texas Tech for scholarship opportunities. And you know, don’t borrow more than you need. “

Ngoc Tran, a freshman medical student from Wichita Falls, said he was working to pay for the school through loans and his merit scholarship.

Tran is only a freshman student and said he couldn’t foresee if he would take out a loan in the future. However, Tran said that if he borrowed money and had debts, he would pay as much as possible during school and pay the rest after graduation.

“Some of the tips I would give post-college students about college debt would be not to bother too much,” said Tran. “Depending on the loan you get, most loans can start paying you six months after you close them. Even if you can manage to amass a large amount of credit. After completing your studies and starting your career, you will find that your loans are paid off in no time. “

Ahlsted-Barnes said he had already set up a payment plan to pay off his student loans every month.

According to the tech grant website, it costs around $ 27,000 per year to attend as an undergraduate student.

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