Student Loan Default Rates Low in Mid-Missouri

6 years 8 months 1 week ago Monday, June 11 2012 Jun 11, 2012 Monday, June 11, 2012 1:17:00 PM CDT June 11, 2012 in News
By: Kacie Yearout
loading

FULTON - This week current students at William Woods will get their financial aid letters. The letter will offer students scholarships and federal loans. For students having to take out Stafford loans, paying it back will be a little bit harder; if Congress doesn't act by July 1st, the interest on the loans will double from 3.4 percent to 6.8 percent.

"I get $4,000 from Stafford Loans this year. Last year was 10,000. This year will probably be about $8,000," said William Woods junior Darian Lightfoot. She estimates by the time she graduates, she will have $65,000 in federal and private loans.

Sixty-seven percent of students graduate with loan debt, the average amount being $23,800 in 2008, according to the Project on Student Debt, which is the most recent data available. The default rate has risen over the last few years, from 7.0 percent to 8.8 percent from 2008 to 2009. For public universities the default rate increased from 6 percent to 7.2 percent. Private institutions have seen an increase from 4 to 4.6 percent while default rates for-profit schools are up from 11.6 to 15 percent.

William Woods, a private university, has the lowest loan default rate out of all Mid-Missouri colleges, 1.6 percent. Mid-Missouri schools as a whole a far below the national average.

Darian Lightfoot has been preparing herself to avoid default. She has private and federal loans, including a Stafford student loan.

"I have four jobs. I am putting that into my savings and budgeting. I have two majors, so if my first one doesn't work out, I have another one to fall back on," said Lightfoot.

William Woods also helps prepare their students. Lightfoot says William Woods has a good job at preparing students for the real world with their different programs. Lightfoot will determine her finances this week and then will take out more federal and private loans.

"Loans aren't scary, you'll find a way to pay them off," said Lightfoot.

Congress is searching for a solution to the problem.

 

More News

Grid
List
COLUMBIA - Despite the treacherous conditions, some people have no choice but to drive in weather like Friday's. "My... More >>
2 days ago Friday, February 15 2019 Feb 15, 2019 Friday, February 15, 2019 6:48:00 PM CST February 15, 2019 in News
COLUMBIA — The Humane Society of Missouri rescued 21 dogs and 21 cats from a property in western Missouri Friday.... More >>
2 days ago Friday, February 15 2019 Feb 15, 2019 Friday, February 15, 2019 5:42:00 PM CST February 15, 2019 in News
KANSAS CITY, Mo. (AP) — Another winter blast hit Missouri Friday, causing multiple accidents, closing schools and leaving highway experts... More >>
2 days ago Friday, February 15 2019 Feb 15, 2019 Friday, February 15, 2019 4:03:00 PM CST February 15, 2019 in Top Stories
CALLAWAY COUNTY - A traffic stop for following too close led to troopers seizing oxycodone, THC wax, shatter, a product... More >>
2 days ago Friday, February 15 2019 Feb 15, 2019 Friday, February 15, 2019 3:04:00 PM CST February 15, 2019 in News
JEFFERSON CITY — Ameren Missouri said several thousand jobs will be created as part of an effort to upgrade its... More >>
2 days ago Friday, February 15 2019 Feb 15, 2019 Friday, February 15, 2019 1:49:00 PM CST February 15, 2019 in Top Stories
COLUMBIA – The cold weather doesn't just affect road conditions, but fuel economy as well. According to the U.S Department... More >>
2 days ago Friday, February 15 2019 Feb 15, 2019 Friday, February 15, 2019 1:48:00 PM CST February 15, 2019 in News
WASHINGTON (AP) — The Latest on President Donald Trump and border security (all times local): 2:33 p.m. President... More >>
2 days ago Friday, February 15 2019 Feb 15, 2019 Friday, February 15, 2019 1:43:00 PM CST February 15, 2019 in News
CAMDENTON (AP) — The parents of two suburban Kansas City victims of a Lake of the Ozarks boat crash have... More >>
2 days ago Friday, February 15 2019 Feb 15, 2019 Friday, February 15, 2019 1:14:00 PM CST February 15, 2019 in News
COLUMBIA - Agencies across mid-Missouri are responding to snowfall. Updates appear here in reverse chronological order, with the newest... More >>
2 days ago Friday, February 15 2019 Feb 15, 2019 Friday, February 15, 2019 12:20:00 PM CST February 15, 2019 in News
JEFFERSON CITY - Attorneys for Sen. Josh Hawley asked a Cole County judge to quash a subpoena in connection with... More >>
2 days ago Friday, February 15 2019 Feb 15, 2019 Friday, February 15, 2019 11:32:00 AM CST February 15, 2019 in News
MEXICO, Mo. — The Mexico Public Safety Department responded to a fire at 1:19 a.m. Friday at the Hardee’s on... More >>
2 days ago Friday, February 15 2019 Feb 15, 2019 Friday, February 15, 2019 7:02:00 AM CST February 15, 2019 in News
COLUMBIA - Approaching winter weather may have an impact on the Missouri State High School Wrestling Championships. The championships... More >>
3 days ago Thursday, February 14 2019 Feb 14, 2019 Thursday, February 14, 2019 10:07:00 PM CST February 14, 2019 in News
WASHINGTON (AP) — Congress lopsidedly approved a border security compromise Thursday that would avert a second painful government shutdown. However,... More >>
3 days ago Thursday, February 14 2019 Feb 14, 2019 Thursday, February 14, 2019 7:51:00 PM CST February 14, 2019 in News
JEFFERSON CITY - The head of a physicians group says the sale of St. Mary's Hospital to MU Health Care... More >>
3 days ago Thursday, February 14 2019 Feb 14, 2019 Thursday, February 14, 2019 7:43:00 PM CST February 14, 2019 in News
COOPER COUNTY - Two months later and no arrests have been made related to the homicide of a Sioux Falls... More >>
3 days ago Thursday, February 14 2019 Feb 14, 2019 Thursday, February 14, 2019 6:12:00 PM CST February 14, 2019 in News
COLUMBIA - The Centers for Disease Control and Prevention (CDC) is reporting significantly fewer flu cases in Missouri, compared to... More >>
3 days ago Thursday, February 14 2019 Feb 14, 2019 Thursday, February 14, 2019 5:41:00 PM CST February 14, 2019 in News
COLUMBIA - The University of Missouri filed its notice to appeal recent NCAA sanctions Thursday, saying infractions committee "abused its... More >>
3 days ago Thursday, February 14 2019 Feb 14, 2019 Thursday, February 14, 2019 5:11:00 PM CST February 14, 2019 in News
COLUMBIA – It's cheaper to live in Columbia than many other places. The... More >>
3 days ago Thursday, February 14 2019 Feb 14, 2019 Thursday, February 14, 2019 4:18:00 PM CST February 14, 2019 in News
Columbia, MO
Broken Clouds 24°
5am 24°
6am 23°
7am 23°
8am 23°