bc government student loan
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Time running out for cheaper student loans
ALLENDALE -- From tough professors to bad roommates, college can be tough. For many students, paying for tuition is another major challenge.
"College loans are a nightmare," says Grand Valley State University junior Kacie Babcock.
And it's not getting any easier.
College students across the country have learned the cost of a federal school loan is about to go up.Beginning Saturday, the federal government will switch from charging a variable interest rate, currently 4.7 percent, to a fixed rate of 6.8 percent.
"I've got about $10,000 in loans," adds Babcock, who is majoring in social work and psychology.
While her principal won't change, some of the interest Kacie Babcock has to pay on the loan will, come this Saturday.
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Students get creative to fund education
Financial aid offers students several different options, but sometimes it just isn't enough.
Julie Buck, a BYU alumni, will be attending graduate school at Columbia University in New York City this Fall.
"I have been assured by the folks at Columbia that if I can fund the first year, they will find a way to fund years two and three," Buck said.
Her first year of school will cost $57,000, including room and board, tuition and fees.
Financial aid applications have yielded only $18,000 in loans for Buck, but with the school year nearing she refuses to turn back.
"I'm taking a huge leap of faith and going back to school," she said. "Failure, at this late date, is not an option."
With few options left, Buck has turned to the Internet and the kindness of strangers for help.