MU Students Have Difficulties Paying Back Student Loans

4 years 6 months 4 weeks ago October 26, 2012 Oct 26, 2012 Friday, October 26 2012 Friday, October 26, 2012 3:59:00 PM CDT in News
By: Mengti Xu
loading

COLUMBIA - MU student Austin Adams said he plans to go to China to teach English to pay back his student loans since he is not confident of finding a good job in the U.S. to pay back his loans.

Adams has studied Chinese at MU for about three years. Both he and his mother have student loans. Adams said the total amount of their loans is about $56,000.

Six months after graduation, Adams will need to begin to pay back his loans. Adams said he has to pay at least $266 per month. He also wants to help pay part of his mother's loans.

Adams said he wants to finish payments as soon as possible, but he doesn't feel confident to be able to do this in the U.S under the current economy.

Adams said one of his high school English teachers with a master degree in English education has been out of college for more than 10 years, but is still paying back some college loans.

"I could be looking at half of my life paying this back, I imagine," said Adams. "So I'm working on a plan to earn as much as possible to get this done within less than a decade."

Adams has found a few part-time jobs that pay the minimum wage, but he said his earnings are barely enough to keep him fed. He said he has to ask for extra funds from his mother.

Having teaching skills and a Chinese-learning background, Adams is making a better plan for his future where he wants to live in China for a period of time teaching Chinese there.

At MU, 15,000 students received student loans last year. The school awarded $150 million in federal student loans. Student Financial Aid Director Nick Prewett said he anticipated an increase this year. 

Prewett said a standard repayment usually takes 10 years and the average is about $19,000 in federal loans for a single student. 

To track the financial aid and loan repayment, the school can use the student loan default rate.

"The three years after a student graduates, 3.9 percent of our students go into student loan default, which is well below with the national average and so what we would say is that it's slightly higher than what is has been in previous years," Prewett said.

But Prewett said he thinks about a $200 monthly payment for about a 10-year period is reasonable.

Now Prewett said more students needing student loans is a result of the decline of state support and rising tuition. MU offers loan evaluation counseling services to help students who are concerned about how they should repay and what their repayment burden might be.

Moreover, students have many available options for them when they have difficulties paying back.

"They can ask for what's called the forbearance, which means the students wouldn't make payments for a certain period of time and so if they don't have a job then they can request one of those for a year or two years until they get on their feet," Prewett said.

The national average of the student loan default rate is about 8 percent to 10 percent.

More News

Grid
List
JEFFERSON CITY – A father was sentenced in federal court Friday for threatening the attorney who represented one of his... More >>
5 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 8:04:00 PM CDT in Top Stories
OSAGE BEACH – People going to Lake of the Ozarks this Memorial Day Weekend may encounter severe weather, dampening the... More >>
5 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 7:56:00 PM CDT in News
JEFFERSON CITY - A motor vehicle collision left a man seriously injured Friday morning. Elmer Redcay, 62, was northbound... More >>
5 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 7:53:00 PM CDT in News
JEFFERSON CITY (AP) — Missouri economic development officials have authorized more than $6 million of incentives to several businesses that... More >>
8 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 5:06:00 PM CDT in News
SPRINGFIELD (AP) — An Arkansas man faces up to a decade in federal prison now that he's admitted forcing a... More >>
8 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 4:28:00 PM CDT in News
CLAYTON (AP) — A St. Louis-area woman convicted in March of secretly poisoning her son with prescription medications has been... More >>
10 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 3:13:42 PM CDT in News
JEFFERSON CITY- A 16-year-old has been detained following the April murder of 63-year-old Jerry Robertson of Jefferson City. In... More >>
10 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 3:12:00 PM CDT in News
ST. CHARLES - A judge declared a mistrial in the case against Serghei Comerzan Friday afternoon. Jurors were not able... More >>
11 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 2:04:00 PM CDT in Continuous News
UPDATED 5/26/17 7:01 p.m. with new information. COLUMBIA - A 4-year-old child was taken to a hospital with life-threatening... More >>
12 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 1:20:00 PM CDT in News
BOONE COUNTY - Boone County deputies served a search warrant at 507 N. Garth Avenue in Columbia as the result... More >>
12 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 12:28:00 PM CDT in News
PLATTE COUNTY - Prosecutors plan to seek the death penalty against a 25-year-old northwest Missouri man if he is convicted... More >>
14 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 11:09:00 AM CDT in Top Stories
JEFFERSON CITY - Police have made an arrest in the investigation of a suspicious death in April. A 16-year-old... More >>
15 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 10:15:00 AM CDT in Top Stories
ST. LOUIS (AP) — The St. Louis Fire Department says it rescued a man after he became trapped between a... More >>
17 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 7:55:00 AM CDT in Top Stories
CAPE GIRARDEAU (AP) — A Cape Girardeau institute that helps autistic people will remain open despite losing its state funding.... More >>
17 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 7:26:35 AM CDT in News
ST. LOUIS (AP) — Saint Louis University officials say no one was injured when a fire broke out at a... More >>
18 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 6:56:00 AM CDT in News
JEFFERSON CITY - The Missouri Department of Transportation was preparing Friday for a weekend of heavy travel. AAA predicted... More >>
21 hours ago May 26, 2017 May 26, 2017 Friday, May 26 2017 Friday, May 26, 2017 4:09:00 AM CDT in Top Stories
HOLTS SUMMIT - Callaway County Sheriff Deputies arrested two men after deputies found meth, marijuana and a firearm in their... More >>
1 day ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 11:36:00 PM CDT in News
JEFFERSON CITY – Gov. Eric Greitens called for the special legislative session on Monday, and it’s costing taxpayers thousands of... More >>
1 day ago May 25, 2017 May 25, 2017 Thursday, May 25 2017 Thursday, May 25, 2017 8:51:00 PM CDT in Top Stories
Columbia, MO
Broken Clouds 68°
2am 66°
3am 65°
4am 64°
5am 64°

Select a station to view its upcoming schedule:

Coming Up Next

1:07a
The Insider
1:37a
Paid Program
2:07a
Today
1:00a
Cheaters
1:30a
Seinfeld
2:00a
Paid Program

Tonight's Schedule

7:00p
Fast & Furious 6
7:00p
Family Guy
7:30p
Family Guy
8:00p
Bob's Burgers
8:30p
Bob's Burgers
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld