MU Students Have Difficulties Paying Back Student Loans

3 years 6 months 1 week 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

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 trial started Wednesday for a Jefferson City who man police say confessed to a murder a... More >>
6 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 7:15:00 PM CDT in News
COLUMBIA - MoDOT released a report showing the fatality rate during late-night hours is the highest it's been since 2012,... More >>
6 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 7:12:00 PM CDT in News
JEFFERSON CITY — Missouri Representatives voted Wednesday to send a voter ID bill to Gov. Jay Nixon's desk. House... More >>
7 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 5:51:00 PM CDT in News
TOPEKA, Kan. (AP) — Two Planned Parenthood affiliates have filed a federal lawsuit over Kansas' decision to cut off Medicaid... More >>
8 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 5:34:03 PM CDT in News
CAPE GIRARDEAU (AP) — Two white southeast Missouri school officials who are being sued by a black teenager say in... More >>
9 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 4:39:00 PM CDT in News
JEFFERSON CITY (AP) — Two-thirds of the Missouri House has voted to change how public union members pay dues, the... More >>
9 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 4:36:04 PM CDT in News
JOPLIN (AP) — State agricultural officials say 39,000 turkeys at a southwest Missouri farm have been destroyed after avian flu... More >>
9 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 4:27:58 PM CDT in News
ST. JOSEPH (AP) — Efforts are underway to reopen the old Tarkio College in northwest Missouri as a two-year institution.... More >>
9 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 4:12:27 PM CDT in News
FERGUSON (AP) — Ferguson is seeking to replace a city prosecutor criticized by a federal probe of the St. Louis... More >>
9 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 4:05:00 PM CDT in News
ST. LOUIS (AP) — Two police officers are among five people injured after fire broke out at a St. Louis... More >>
9 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 4:01:39 PM CDT in News
COLUMBIA — A Moberly man accused of killing a 92-year-old woman with a machete pleaded guilty Wednesday. Christopher D.... More >>
10 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 3:42:00 PM CDT in News
ST. LOUIS (AP) — A mother from suburban St. Louis alleges in a lawsuit that her 9-year-old son is prohibited... More >>
10 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 3:39:00 PM CDT in News
COLE COUNTY — A Cole County grand jury indicted the three men charged with a shooting in Jefferson City that... More >>
10 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 3:13:00 PM CDT in News
HARRISBURG — For most, homework is a hassle, but the promise of it paying off with a better quality of... More >>
11 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 2:00:00 PM CDT in News
CAMDEN COUNTY — The Camden County Sheriff’s Office has announced the newest addition to its team: Kaiser, a 21-month-old German... More >>
11 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 1:46:00 PM CDT in News
JEFFERSON CITY - The Missouri Senate overrode Gov. Jay Nixon's veto Wednesday on the bill that would have reduced the... More >>
14 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 10:53:00 AM CDT in News
COLUMBIA — An early morning accident on Route B sent two people to University Hospital. A total of three people... More >>
14 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 10:51:00 AM CDT in News
COLUMBIA - A Columbia man was arrested after police say he threatened two people when he tried selling them crack... More >>
16 hours ago May 04, 2016 May 4, 2016 Wednesday, May 04 2016 Wednesday, May 04, 2016 9:29:00 AM CDT in News
Columbia, MO
Broken Clouds 50°
2am 48°
3am 47°
4am 47°
5am 46°

Select a station to view its upcoming schedule:

Coming Up Next

1:07a
The Insider
1:37a
Access Hollywood
2:07a
The Meredith Vieira Show
1:30a
Seinfeld
2:00a
Paid Program
2:30a
Paid Program

Tonight's Schedule

7:00p
Strong
8:00p
The Blacklist
9:01p
Game of Silence
7:00p
DC's Legends of Tomorrow
8:00p
The 100
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld