On Your Side: Repaying Student Loans - WNCN: News, Weather

On Your Side: Repaying Student Loans

Posted: Updated:
COLUMBUS, Ga. - For more than 40 million Americans saddled with student loan debt, some new programs may bring some relief. Across the United States, student loan debt totals nearly 1 trillion dollars which is more than credit card or auto loan debt. News 3's Naomi Keitt spoke with financial aid officials at Columbus State University to bring us the best ways to pay off your student loans.

Michael Grafton is a junior at Columbus State University studying English. To pay for tuition and other expenses during his college years, he's already taken out nearly $40,000 in loans.

"I've been thinking about paying them back, but I definitely can't do it until I graduate and land a new job. I plan on going to law school and that's going to be more loans on top of loans," said Grafton.

Grafton hasn't researched repayment plans just yet. He says he will focus on that once he gets his degree.

"Are you nervous about having to pay all that back," asked News 3's Naomi Keitt. "Yes, because it's a substantial amount. Most people when they graduate from their Bachelors its $35,000 or $40,000. I'm already at that now and I haven't even graduated," said Grafton.

Grafton is one of nearly 40 million Americans saddled with student debt. The director of financial aid at Columbus State says there are a number of repayment plans that can help you pay off your debt.

"The new one is pay as you earn where you can pay 10% of your income but not more than the standard payment amount that runs 10 years," said Russ Romandini.

For the "Pay as you Earn" plan, the monthly payment is based on your income and family size. Romandini says it's vital that you work with your financial aid department during school and your loan provider after college to manage your debt.

"They can really be successful in repayment and really understand when they borrow. That's the real key," said Romandini.

Before even taking out loans, Romandini encourages students to weigh all your options like scholarships and grants.

"It can really make a big difference in the long run, especially as they get out and start working and start to repay. It can be really good," said Romandini.

The "Pay as you Earn" program is not available to student with older loans. You have to have borrowed after October 1, 2007. The new program should be available starting December of 2015.

For more information on student loan repayment you can visit https://studentaid.ed.gov/repay-loans.

Naomi Keitt

Naomi Keitt focuses on education reporting for WRBL News 3. More>>

  • Most Popular StoriesMost Popular StoriesMore>>

  • Video of deadly Columbus gas station shootout

    Video of deadly Columbus gas station shootout

    Friday, August 22 2014 12:14 PM EDT2014-08-22 16:14:23 GMT
    News 3 has obtained surveillance video showing the deadly shootout at a south Columbus gas station a few weeks ago.Police say on July 31st, Chandler Saxton, 35, fired several shots at John Jones, 31, at the Big Cat Gas Station on Buena Vista Road. The video captures the entire incident, from the initial shooting - to the victim returning fire.In court testimony, police say the shooting stemmed from an argument over a woman. Authoritie...
    News 3 has obtained surveillance video showing the deadly shootout at a south Columbus gas station a few weeks ago.Police say on July 31st, Chandler Saxton, 35, fired several shots at John Jones, 31, at the Big Cat Gas Station on Buena Vista Road. The video captures the entire incident, from the initial shooting - to the victim returning fire.In court testimony, police say the shooting stemmed from an argument over a woman. Authoritie...
  • UPDATE: Coroner rules deaths of Columbus mother, baby a homicide

    UPDATE: Coroner rules deaths of Columbus mother, baby a homicide

    Friday, August 22 2014 7:28 PM EDT2014-08-22 23:28:15 GMT
    Coroner Buddy Bryan tells News 3 that they are now calling the fire that claimed the life of a Columbus mother and her infant a homicide.As news 3 reported --the bodies of 32-year-old Rosella Mitchell and her 6-month-old boy Dylan Conner- were found in a back bedroom of their Winifred Lane home after a fire around midnight Thursday.Detectives previously told News 3 they were collecting and analyzing evidence from the scene to determine whether accelerants may have been used to start the fire....
    Coroner Buddy Bryan tells News 3 that they are now calling the fire that claimed the life of a Columbus mother and her infant a homicide.As news 3 reported --the bodies of 32-year-old Rosella Mitchell and her 6-month-old boy Dylan Conner- were found in a back bedroom of their Winifred Lane home after a fire around midnight Thursday.Detectives previously told News 3 they were collecting and analyzing evidence from the scene to determine whether accelerants may have been used to start the fire....
  • Chattahoochee Valley “Purge” is an urban legend, police say

    Chattahoochee Valley “Purge” is an urban legend, police say

    Wednesday, August 20 2014 2:28 PM EDT2014-08-20 18:28:17 GMT
    Several police departments across the Chattahoochee Valley are reassuring concerned citizens that there will be no real-life "purge" after a social media campaign spread across Facebook on Tuesday.
    Several police departments across the Chattahoochee Valley are reassuring concerned citizens that there will be no real-life "purge" after a social media campaign spread across Facebook on Tuesday.
Watch Live Watch Live Religious services
Powered by WorldNow

1205 Front St., Raleigh
N.C., 27609

Telephone: 919.836.1717
Fax: 919.836.1687
Email: newstips@wncn.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.