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Get Gephardt: Student Loan Rates About To Go Up
(KUTV) SALT LAKE CITY A mad scramble is underway by college students to beat the deadline for the student loan interest hike. What can you do about it? Bill Gephardt has some answers.Friday night is the deadline when interest rates for you, or your kid's federal student loans will go to the highest level in six-years. Student loan offices around the country are flooded with people this week. If you wait, you'll pay an extra two-percent on the money you borrow, which could cost you thousands of dollars in the future.If you just heard about the deadline, where do you start? You can complete all your loan applications online. Visit uheaa.org, where the Utah Higher Education Assistance Authority will walk you through the process.
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Patrick Lyons: Take control
Lyons ran into money problems while in college. He used credit cards to pay for books and other items. He graduated with $6,000 credit card debt, $8,000 in student-loans debt, and bad credit. He had a hard time getting approved for an apartment and ended up paying 18 percent interest for a car loan when the average rate was 5 percent.He decided to take control of his finances. He paid off his debt in five years.He thinks the key to financial security is self-control."I think that scaling down things and living within your means goes a long way," Lyons said. "If you don't have money to go out to dinner or go on a vacation, then don't do it."This has become a credit-card-dependent society," he said. "People use credit cards for everyday things. They are not like our parents who used them for an emergency or who got by without any credit cards."Lyons acknowledges that credit cards are often necessary, especially when traveling, so he's not advocating doing without -- just discipline."I tell people, if you charge something, have a plan to pay it off in five or six months."Five ways to lower debt* Create a budget.