By JERRY HOFFMAN
With the skyrocketing cost of education, debt collectors are gorging themselves at the expense of college students in the United States following their graduation when they need to pay off their college loans.
The number of people taking government loans to pay for a college education goes up every year, just as colleges raise their tuition every year. There seems to be little answers for aspiring college students as debt collectors become more prevalent in their lives.
According to some Lynn students, when it comes to handling student loans and debt, planning is essential. “If you fail to plan you plan to fail,” said Galen Lisse, senior. “Make sure that you’re looking toward the future and keeping an eye on your debt.”
There are a few ways to pay off one’s student loans with as little stress as possible. First, make sure to be aware of one’s loans. Keep track of one’s lender, how much is owed and the balance. Another important term one needs to know after graduating is the grace period. A grace period is the time allowed after a student leaves school, right before the first payment of their debt has to be conducted. Knowing one’s grace period is extremely important in order to avoid missing payments, and going into even more debt.
Also, it is vital not to panic and remain on top of payments. “From a student’s standpoint, I feel as though remaining calm when it comes to owing money is the most important aspect,” said Parker Ganassin, junior. “Even though it can add up and be a great deal of money, with enough perseverance and determination, it can be paid off.”
Unlike other loans that are for credit cards and mortgages, there is no statute of limitations when it comes to student loans. The only way to wipe out student loans is simply by taking the time to pay them back. Debt collectors have made it very difficult for graduates to get around paying back their loans, but with some of these tips from Lynn students, paying back those loans may have just gotten a bit easier.