Tuesday, September 21, 2010

A growing number of grads can't afford to pay back loans

The number of borrowers defaulting on their student loans is at a ten year high.

According to data recently released by the U.S. Department of Education. Seven percent of students who took out loans to pay for college defaulted between October 2008 and September 2009. The jump in student loan defaults comes at the same time unemployment amongst degree holders skyrockets from 1.8 percent in 2006 4.7 percent in 2009. A scary reality for those who will soon be heading out into the real world.

UIS Financial Assistance Director Gerard Joseph and graduate student Anthony Thomas-Davis are interviewed in this September 20, 2010, report by WICS-TV 20.

Watch the story on News Channel 20's website