MSU-Mankato students navigating student loan road
MANKATO, Minn. (KEYC) - Minnesota State University, Mankato students and faculty are closely watching what comes out of the Court while also finding a way to live with the debt. Under President Biden’s plan, as many as 43 million Americans could see up to $20,000 of their student loans forgiven.
While this is working its way through the Supreme Court, MSU students voice their concerns when it comes to their own debt.
“It’s hard to also like to make a living while paying your loans and groceries and bills and everything. It’s just kind of piled up and it can get really overwhelming.”
The issue hits graduating students since they will need to think of ways to pay it soon.
“They’re just always going to be hanging over my head because it’s going to take me like almost my whole life to pay them off if I ever do pay them off because the interest is going to be more than I can afford to pay every month. So definitely gonna have a huge impact on me.”
“I think you’ll have a devastating effect when it comes to maybe trying to get a house down the road as these little things and the debts that we have make it really impossible down the road.”
Rachel Sherlock with Financial Aid at Minnesota State says they have seen the students become more aware of what it means to take loans out.
“I think students are really wise borrowers. They’re looking at the money that they’re borrowing and they’re making sure that it’s going towards necessary educational expenses because we all know that if you just borrow to the max if you’re using that money on unnecessary things then your pain interest on any dollar that you spend,” said Sherlock.
And for the ones who already graduated, they say there are still options.
“Making sure to connect with their student loan servicer to discuss payment plan options as well, especially depending on what kind of industry students are going into, might be worth looking at Public service loan forgiveness teacher loan forgiveness programs. So there are potential Assistance programs out there through federal repayment plans on their federal student loans,” said Sherlock.
Copyright 2023 KEYC. All rights reserved.