MONTGOMERY, AL (WSFA) – People in the us owe $1.5 trillion in education loan financial obligation. The typical pupil owes almost $37,000 if they graduate from university. Shane King owed $36,000 as he graduated from Auburn.
“Got down there and didn’t understand the expense of living, ” King said.
The GI Bill covered their tuition, but he nevertheless had cost of living to pay for. He attempted to work three jobs to deliver for their household while likely to college. He couldn’t keep pace with work along with his studies, therefore he took down education loan. It absolutely was an interest that is low he could pay off after school, he stated.
Fifteen years later on, King nevertheless owes $34,000.
“All we’ve just about been paying is interest, ” he stated.
Interest on their loan accrued as he received forbearance – a rest on their loan re re payments whenever their household dropped on a down economy. Continue reading article