Continuing Learning – The Daily Evergreen

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Student loan debt is paid at different rates; some spend decades paying for their education

More than half of WSU alumni leave college with a degree and some level of student loan debt, according to the Daily Evergreen. article. SSome of these graduates have been paying off debt for years.

Christine Hersrud, Accounts Payable Manager, started paying off her student loans 22 years ago at 5% per annum. Despite this, she said she expects to continue repaying loans for another 20 years.

Hersrud’s loans are currently delayed due to the COVID-19 CARES Act, which means that all of her payments have been deferred and no interest has been charged. The COVID-19 CARES Act expires on September 4, according to the Washington State Employment Safety Department. Web site

Hersrud said even though she only repays the loan halfway through, her employment makes payments easier.

“So maybe [I’ll finish paying] at the same time, I am ready to retire, ”she said. “I didn’t go to Harvard or anywhere else either. Not that I had big private education loans or anything like that. “

Hersrud said that every time you lose your job, it becomes difficult for you to make certain payments. During a recession, people return to school to get a new education in the hope of finding better-paying jobs.

Although some interest rates and payments have increased over the years, she said her payments are fixed.

“My interest rate is between 4 and 5 percent on the five loans I have, and my payments have remained constant over the years,” she said. WSU alumnus John Rackham began paying off his student loan debt in 2009 at 3% per annum. He said he would be able to pay off the debt in full within the next five years.

Rackham said that as a student, he saw the school give loans for almost everything – even for a laptop.

“This is just $ 2,000 that I have to pay,” he said.

Rackham said there have been ups and downs in the process of paying off his student loans. He took a job right after graduating from pharmaceutical school and could pay $ 1,400 a month. He later got divorced and was unable to make the same payments.

“When you go from $ 1,400 to about $ 400 a month, it definitely takes a little longer,” Rackham said. “Not much attention is paid to the principal.”

He said that making payments is no longer a problem for him, but he understands that certain life circumstances can potentially change a person’s situation at any time.

“Sometimes life happens,” said Rackham. “You may not be able to pay them off as quickly as you expect.”

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