Student Loan Interest Won’t Go Up
(Memphis) Today, the U.S. House, led by Republicans, approved a $5.9 billion bill to maintain low-interest rates for Stafford student loans.
Democrats were not in favor of the move because the money comes from part of the President’s health plan.
That’s good news to those still paying back student loans.
After earning her under graduate, graduate and now working towards her medical school degree, Kenetra Hixs is facing more than $100,000 in student loan debt.
She realizes that will have an impact on her lifestyle, “I have to say ‘Kenetra, you may not be able to buy the biggest house, but a comfortable lifestyle.’ I want to make sure I’m able to pay back the government for allowing me the opportunity to go to school, so someone else behind me can get the same opportunity.”
Hix is not alone.
It’s estimated two-thirds of college graduates will have student loan debt.
But Solomon Page from Sims Financial Group recommends considering the future when thinking about debt, ”It prevents you from going out and living the American dream. Once you get out of your college of choice, you’re looking to start your path toward building a family and home purchases, auto purchases and line of credit, things of that nature.”
He recommends parents saving early but if you haven’t done that there are other options, “Community college for two years because you can definitely get a good start, foundation towards your education at a community college.”
And think about just how much you will be earning when thinking about how much debt you will take on.
“You look at your field and you look at what others in that field are making. That is key.You definitely have to do your research and go for it,” added Page.